Stellar (XLM) Rockets Over 57% Following Landmark Ruling in SEC’s Ripple Lawsuit.
In a thrilling turn of events, it’s not just XRP that’s experiencing a meteoric rise after a groundbreaking ruling was handed down in the U.S. Securities and Exchange Commission’s (SEC) legal battle against Ripple.
Giving XRP a run for its money, Stellar (XLM), a prominent contender and blockchain platform for payments, surged by an impressive 57% on Thursday. Its trading value skyrocketed from approximately $0.095 at the start of the day to $0.144 at the time of writing.
Over the past month, this digital asset, ranked 21st by market capitalization, has witnessed a remarkable surge of over 74%. However, it is crucial to note that despite this remarkable growth, it remains more than 83% below its record high of over $0.875, a peak it reached way back in January 2018.
The SEC’s lawsuit against Ripple, alleging the sale of XRP as an unregistered security, shook the crypto industry in late 2020. However, the recent ruling by Judge Analisa Torres has sent shockwaves through the ecosystem. She determined that Ripple’s automated, open market sales of XRP do not classify as securities.
It is worth mentioning that the court sided with the SEC’s claim that Ripple’s direct sales of XRP to institutional participants did indeed involve securities offerings. As a result, the court intends to establish a separate order to determine the trial date for Ripple and the SEC “in due course.”
Meanwhile, XRP itself has surged by an impressive 62% within the past 24 hours. Ranked fourth by market capitalization, this crypto asset is currently trading at $0.748 as of now.
The crypto market continues to witness dynamic shifts as these groundbreaking legal developments unfold, leaving enthusiasts and investors on the edge of their seats.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.