Against an otherwise bearish crypto market, Ripple’s XRP is seeing a notable surge in its price.
The price of Ripple’s XRP has increased by 3.7% within the past 24 hours, while most other cryptocurrencies are recording losses between 0.5% and 5%.
The surge comes after Judge Analisa Torres dismissed an appeal by the United States Securities and Exchange Commission (SEC) against Ripple. The case, which has been ongoing for nearly three years, saw the XRP price soar by 5% following the ruling, although it has since retraced slightly.
The appeal was related to a court decision made in July that secondary sales of XRP were not considered an investment contract. In simpler terms, the court ruled that XRP is not a security in this specific case. The SEC was dissatisfied with the outcome and subsequently appealed the decision, which has now been rejected.
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