The crypto market is seen rather neutral, while Bitcoin prices a going down by 0.7% to around $30,000 per coin. Ethereum is following the major cryptocurrency in a similar way losing 0.9% to $1,909 per coin. Investors are debating a fragile victory for the Ripple community over U.S. Securities and Exchange Commission (SEC).
District Judge Analisa Torres delivered a mixed verdict as she deemed institutional sales by Ripple as securities, while other sales are not being labeled as such. The case is now moved to the trial to other judge Sarah Netburn. In this logic, shares sold to institutional investors on IPO are considered securities, while the same shares sold via stocks exchanges are not. This seems to be another paradox along with the Schrodinger’s cat that is both a security and not when being linked to a specific event or an individual.
Anyway, the first reaction on the news was overwhelming as the XRPUSD prices lift off by 95% to 0.93 from 0.46. Bitcoin prices posted a new record of 2023 at $31,830 per coin. Crypto exchanges resumed listing of the XRP.
However, the battle is not over yet. SEC’s Chair Gary Gensler said on July 17 that he was “disappointed” in the impact the judge’s decision could have on retail investors, and the commission was still considering what, if any, actions it might take. The U.S. Congressman Ritchie Torres has written a letter to SEC’s Chair calling to reconsider the regulator’s position on crypto following a “dreadful day in court." The trial continues, and the SEC may have it the other way during the appeal.
Gensler is unlikely to make half-backed decisions, neither he will rush to the trial to lose again. Meanwhile, the rally of XRP is likely to continue towards $1.00 or even $1.20 per token. It is unlikely for the XRP to go further up amid lack of regulation.
In the meantime, newcomers in the crypto industry demonstrate solid gains. Moon token of Reddit community sky rocketed by 530% to $0.57 from the $0.09 on July 16 after the community allowed users to earn, purchase or sell currencies and items that can be cryptographically verified. This refers the Moon token too. This move made Moon token very interesting, though we may expect a correction after the recent rally. The token could be added to the portfolio after the correction.