Ripple, or XRP, is now the fourth largest cryptocurrency token in the world by market capitalization after the partial victory of the company over the Securities and Exchange Commission on the 13th of July. Just a few hours after the ruling came in place, the market cap of the company surged a whopping $21.2 billion in order to reach a new yearly high of around $46.1 billion, which punished it from its 7th position to beat out the USD Coin of Circle, and the BNB token of Binance in the process.
This sudden surge for the crypto token came immediately after the District Court for the Southern District of New York ended up declaring that the sale and offer of XRP on the digital asset exchanges would not amount to sales and offers of investment contracts in a case that involved the SEC and the Ripple Labs.
XRP Has Secured A Win Over SEC
In the meantime, the price of XRP increased as much as 98% in the hours that followed the decision, where it also reached as high as $0.93 according to data from TradingView. This apparent rush to purchase Ripple also caused Uphold, the crypto exchange in the country, to go down due to an unprecedented spike in the volume.
Uphold has always been considered to be one of the few larger cryptocurrency exchanges based in the country- that still continued to offer the sales of Ripple, even when the other crypto exchanges chose to delist it. This new ruling in favor of Ripple or XRP has also caused a spark of relisting activity from most of the mainstay US exchanges, such as Kraken, Coinbase, and iTrustCapital which made the token available for trading on the platforms.