Ripple's Partial Victory Has Benefited Crypto Markets

TURKEY - The lawsuit, which has confronted Ripple and the US Securities and Exchange Commission (SEC) since 2020, the developer of XRP, the world's fourth-largest cryptocurrency in terms of market capitalization, according to CoinMarketCap data, has progressed with the decision announced on July 14. In the decision, announced by US district judge Analisa Torres, it was stated that Ripple did not violate federal securities law by selling XRP cryptocurrency on public exchanges. The decision was described as a cryptocurrency's first partial victory over the SEC and was greeted with enthusiasm by investors.

The US Securities and stock market regulator, the SEC, sued Ripple in 2020, arguing that it had marketed XRP as a security to investors in an unregistered manner and earned $1.4 billion. The decision, which came after two years and stipulated that Ripple did not violate any securities laws, was also interpreted as a turning point for the cryptocurrency industry. Following the decision, the value of the XRP cryptocurrency rose 75% by Friday evening, according to data from Refinitiv Eikon.

Sharing her assessments on the subject, Gate.io Turkey Research Manager Sevcan Dedeoğlu said,“Although the judge's decision brought partial victory, the global cryptocurrency markets are considered an important step forward for the industry. There were even names in the House of Representatives who called for the resolution to be turned into a law. Cryptocurrency exchanges, which previously stopped listing the cryptocurrency due to the Ripple lawsuit, started the re-listing processes.“The news in question has been making the headlines since the day the decision was announced,” he said.

Noting that the Ripple decision also benefited the crypto ecosystem in general, Sevcan Dedeoğlu said, "According to Coinecko data, the total value of crypto money markets increased by 5.7% in the 24 hours following the decision, and the total market value rose to $1.3 trillion. Ripple is just like its name in English. As it means, it caused a 'ripple effect'. Recently, especially the crypto-focused steps of institutional investment companies and the macroeconomic route that has become clear in the USA have fulfilled investor confidence. Ripple supported this confidence, and trading volumes in crypto rose for the first time in three months. With the new week, news and comments on Ripple's appeal process started to appear. While one of the parties to the case, Brad Garlinghouse, CEO of Ripple, was of the opinion that the SEC would remain silent for a while before filing an appeal. One of the former officials of the SEC pointed out that partial victory may be short-lived if it is opened.“It seems that the issue of Ripple will remain on the agenda for a long time,” he said.

Reminding that Ripple's technology chief David Schwartz shared a warning about the need to be careful against possible fraud attempts after the news, Gate.io Turkey Research Manager Sevcan Dedeoğlu concluded his evaluations with the following statements;“It can convey developments such as airdrops and campaigns that do not exist to significant audiences through fake sites and social media accounts. As stated in the statement made by the company, it is known that there is no official campaign on XRP. We recommend that users who want to invest in XRP and perform spot trading of Ripple's cryptocurrency should trade on reliable and well-known exchanges such as Gate.io Turkey to prevent possible losses.

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