Judge ruled that XRP is not a security, and a bill was proposed to establish that tokens are separate and distinct from investment contracts.
The relisting of XRP by Coinbase led to a significant increase in its market value, with XRP accounting for a large amount of the liquidation on the network.
South Koreas Upbit is the largest XRP trader, indicating that Korean investors are still a major driving force behind the XRP pump.
Coinbase relisted XRP, and its value rose by 80%. South Koreas Upbit is the largest XRP trader. A judge ruled XRP is not a security, and a bill was proposed.
Recently, Coinbase announced the re-listing of XRP, and within 24 hours, its market value jumped to fourth place, rising by an astonishing 80%. The amount of liquidation on the entire network reached 237 million U.S. dollars, with XRP accounting for 52.34 million. XLM, ADA, and SOL also saw a rise in value, with XLM increasing by 57%, ADA by 22%, and SOL by 16%.
According to Coingecko, South Koreas largest exchange, Upbit, ranks first in the trading volume of XRP, reaching $2.1 billion in 24 hours, with Binance at 1.7 billion, and OKX ranking third with 500m. This shows that Korean investors are still a major driving force behind this XRP pump. Upbit also ranked first in the trading volume of XLM and ADA, which ranked second and third in 24 hours.
Wu Blockchain reported that the judge held that the XRP token itself is not a security. However, the transactions and schemes around trading it still need to be discussed. The judge further stated that “XRP, as a digital token, is not in and of itself a contract, transaction, or scheme that embodies the Howey requirements of an investment contract.”
US House Majority Whip Tom Emmer called the Ripple case a monumental development in establishing that a token is separate and distinct from an investment contract it may or may not be part of. He proposed a bipartisan bill called the Securities Clarity Act, which carves this concept in stone to provide the regulatory confidence needed to ensure that the next iteration of the internet is designed with American values.