According to CoinGecko statistics, the price of the virtual currency XRP has significantly increased, reaching $0.80 after increasing by more than 7%.
According to U.Today, the XRP token saw a significant price increase following a significant court ruling concerning Ripple Labs, the organisation behind the XRP coin. However, the judge did not categorise all subsequent sales in the same way, which is considered as a big victory for Ripple Labs and its digital coin.
The market was struggling to process the decision in the days that followed, which caused some volatility in the market value and volume.
Even with its most recent rise, XRP is still well behind the $3.40 all-time high it set in January 2018.
Given the substantial doubt that the SEC case had previously put on XRP’s future, the market has been significantly affected by this mixed ruling in favour of Ripple. The court’s decision to rule against classifying all XRP sales as securities prevented Ripple Labs from suffering any negative consequences and gave investors more assurance.
Even if the case was won in court, it’s important to note that the final judgement is still rather murky and unclear.
According to U.Today, Judge Sarah Netburn has requested that both parties choose three dates that are convenient for both sides for a prospective settlement conference. She also advised that the parties plan the session six to eight weeks in advance.
In light of possible fines of up to $1 billion, Fox Business presenter Charles Gasparino recently questioned Ripple’s financial plan.
Gary Gensler, the chair of the SEC, has raised the prospect of an appeal against the recent Ripple case judgement. This suggests that despite the strong price increase, the XRP coin is not yet out of the woods.
