Within a day of the court’s decision, XRP had moved into the fourth position in market capitalization with about $41 billion, behind only Tether (USDT) at $83.4 billion, – ether (ETH) at $240.3 billion – and bitcoin (BTC) at $608 billion.
In late 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, accusing the company of selling unregistered securities – after the company sold more than $1.3 billion worth of XRP. The lawsuit has led to the delisting of XRP on several cryptocurrency exchanges, and has also created a situation of regulatory uncertainty that has negatively impacted the pace of development across the industry.
Ripple’s legal victory had a huge impact on the market, and at one point, the rise in the value of XRP reached a high of $0.935 per coin, double the previous day’s closing price of $0.47.
Amid the positive news, a number of centralized exchanges announced that they intend to consider re-listing XRP. Exchanges Crypto.com, Kraken, Binance.US and Gemini have already taken steps in this direction. The trading platform reversed its own decision without notifying users.