Ripple’s XRP Token Surges 28% After Court Rules XRP Sales Aren’t Investment Contracts

XRP’s price has skyrocketed 57% in the past day, climbing the most among the largest cryptocurrencies by market capitalization after a U.S. judge ruled the sale of XRP tokens on exchanges did not constitute investment contracts. XRP climbed to as high as 75.8 cents, according to data from CryptoWatch, its highest level since April 2022, before settling to 73.9 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. UPDATE (July 13, 2023 5:43 UTC): Updates to reflect new high prices