Alt Coin Rally on Security News
2 min read
All started with the headlines that dropped:
” Ripple Sales of XRP Do Not Constitute Offer of Investment Contracts: Judge “
” Ripple wins verdict that XRP is not a security, and judge also rules that institutional sales of XRP by Ripple were securities” per bloomberg
The document: Link
XRP rallied over +36% within Minutes
The response & investor confidence is pretty clear taking a lookt at the chart. XRP pretty much blew up within minutes, rallying 36%, tons of traders jumping in almost doubling the amount of open trades globally. The market cap jumped from 25Bn to 32Bn.
But not just XRP caught a rally on the news
BTC ripped through 31k liquidating millions of USD in shorts
ADA jumped over +7%
MATIC over +8%
SOLANA almost +15%
50 Million USD n shorts got liquidated within minutes
An important part of the paper is “The Southern District of New York concluded that Ripple’s Programmatic Sales and Other Distributions of XRP did not constitute the offer and sale of investment contracts. But Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act”
( The document: Link )
Reading through the document it’s important to mention that this is NOT what the judge ruled, and the case is still going to trial, where that will still be up for debate.
It’s important to keep in mind that XRP DID NOT WIN. This is a great step forward it but nothing set yet. I try to make it clear but please do not make any financial decisions without reading through the document or based on people spamming made up headlines on social media.
submitted by /u/TarkovRedditor
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