the XRP price soared by 73%, pulling Bitcoin and Ethereum with it

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Also, XRP was returned to Coinbase and Kraken

The XRP cryptocurrency, which was created by Ripple, rose by 73% on Wednesday. The market capitalization of XRP rose to around $43.9 billion and the 24-hour trading volume exceeded $9.1 billion.

Earlier, one of the leading cryptocurrency exchanges Coinbase announced the re-placement of XRP on its platform. The largest US exchange removed XRP from the list of tokens in January 2021 due to a lawsuit by the Securities and Exchange Commission (SEC) against Ripple. On the same day, another major exchange, Kraken, also announced the return of XRP trading for its US customers.

The optimistic market reaction followed the verdict on the lawsuit between Ripple Labs and the SEC. Although Judge Analisa Torres recognized the institutional sale of Ripple as securities, she did not classify all other sales in the same way. Stuart Alderoti, Ripple’s General Counsel, called the decision a “huge win”, stressing that XRP is not a security, nor are sales on exchanges.

the XRP price soared by 73%, pulling Bitcoin and Ethereum with it

Bitcoin
Bitcoin

Alderoti praised the teams that have fought the SEC for years, arguing that the decision “reaffirms a lot of what this industry is fighting for.” He mentioned the alleged excess of the SEC’s powers in its jurisdiction over cryptocurrencies, suggesting that this verdict could set the stage for a more rational conversation about the regulation of cryptocurrencies in the country.

Following XRP, bitcoin soared from $30,300 to $31,500, while Ethereum easily crossed the $2,000 mark. Quite possibly, this is the beginning of the long-awaited rally.