XRP sees a 1.2% gain, closing at $0.6131, following a recent court ruling in the Kraken-SEC case.
Judge William Orrick rejected Kraken’s Motion to Dismiss the SEC’s claims.
Meanwhile, the court ruling aligned with the Ripple case’s reasoning that tokens aren’t securities.
On Saturday, August 24, XRP experienced a modest gain in the cryptocurrency market, rising 1.2% to close at $0.6131. This followed a 6% increase the day before, during which XRP briefly reached a high of $0.6304 before pulling back.
Notably, the gain comes as the crypto community digests a recent court ruling in the case of Kraken, a U.S.-based cryptocurrency exchange, against the U.S. Securities and Exchange Commission (SEC).
On Friday, Judge William Orrick rejected Kraken’s Motion to Dismiss the SEC’s claims that 11 cryptocurrencies, including XRP, are traded as investment contracts. While the ruling may seem like a setback for Kraken, the exchange’s Chief Legal Officer, Marco Santori, hailed it as a win.
Santori stated that the court’s decision aligns with the reasoning in the Ripple case, where a token itself isn’t considered a security, but the agreements surroundi…
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