XRP Price Prediction as Judge Says Ripple Sales of XRP Not Investment Contract - Can XRP Reach $100?
XRP, the cryptocurrency that powers the XRP Ledger launched by US fintech company Ripple back in 2012, just saw a huge price pump.
XRP/USD was last trading at $0.58, up an impressive 25% on the day after Ripple won a verdict that its sales of XRP on exchanges and through algorithms did not constitute the offering of an investment contract.
"XRP, as a digital token, is not in and of itself a 'contract, transaction, or scheme' that embodies the Howey requirements of an investment contract," Judge Torres concluded in a ruling of the US District Court Southern District of New York.
However, the court ruled that Ripple's institutional sales of XRP did violate federal securities law.
Ripple, XRP’s creator, had been locked in a lawsuit with the US Securities and Exchange Commission (SEC) since 2020, with the SEC accusing Ripple of having sold $1.3 billion worth of unregistered securities via its XRP sales.
The SEC’s accusation that XRP is a security has weighed heavily on the cryptocurrency in recent years, dampening its demand in the US, and also weighing on its demand via the stifling of Ripple’s cross-border liquidity business, which leverages XRP.
With XRP now at its highest levels in more than a year and above key resistance in the form of earlier yearly highs in the $0.58 area, a swift rally toward the next major resistance area above $0.90 appears to be on the cards.
That could mean further short-term gains in the region of 50% for XRP holders.
Technical buying should support the upside, with XRP having broken to the north of a long-term ascending triangle pattern.
With the cryptocurrency market seemingly in the early stages of a new bull market thanks to increased institutional adoption (i.e. the recent spot bitcoin ETF
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