XRP Gives up All Gains Made After Ripple Labs’ SEC Victory

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By coindesk.com August 23, 2023 In Blockchain, Cryptocurrencies, Ripple

A generally bearish market has weighed down on XRP prices after a landmark victory by Ripple Labs.

Creepy Devil silhouette from hell in the mist with backlit. (Getty Images)

In 2020, the SEC sued Ripple on allegations that the firm sold unregistered securities. Ripple has historically maintained a distance from XRP, the token that powers some of its products, and the XRP Ledger network. But any progress in the case has an impact on XRP prices.

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But in July 2023, a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts, putting a pause on what was one of the longest and most controversial legal cases in the crypto market.

Appeals on that ruling continue, however.

Edited by Parikshit Mishra.

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