Ripple’s XRP Token Surges 28% After Court Rules XRP Sales Aren’t Investment Contracts
XRP’s price has skyrocketed 28% over the past 90 minutes, climbing the most among the largest cryptocurrencies by market capitalization after a New York Court ruled the sale of XRP tokens on exchanges did not constitute investment contracts.
XRP climbed to as high as 64.7 cents, according to data from CryptoWatch, its highest level since May 2022, before settling to 60 cents at the time of publication.
The price action comes immediately after the District Court for the Southern District of New York said the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts,” as “the record cannot establish the third Howey prong to these transactions.”
Uphold, one of the few crypto exchanges where investors can purchase XRP, is experiencing internment issues, “due to high demand,” according to its Twitter account.
Edited by James Rubin.
