Ripple crypto XRP surges again after SEC judge denies appeal

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Ripple crypto XRP surges again after SEC judge denies appeal

The XRP, the native cryptocurrency of the Ripple blockchain, surged Tuesday after a district court judge rejected the SEC's interlocutory appeal.

After news broke that XRP had once again won the SEC's motion, XRP saw an immediate surge in its value.

A District Court Judge Analisa Torres said Tuesday that her earlier ruling found no'substantial ground for difference of opinion' and that she disagreed an appeal would help advance the case to a conclusion.

She based her decision on the SEC's failure to demonstrate the existence of controlling questions of law in a convincing way.

The ruling on 13 July was and continues to be the law of the land. XRP is not a security, Ripple Labs' chief legal officer Sturt Alderoty wrote on X.

The 'evidence submitted by XRP holders make another appearance in this decision - in her findings of fact - that she relied on. As I have maintained all along, her decision is based on the facts of this case. She said that she never said no digital asset could ever be a security sold on an exchange - just that XRP, in this case, wasn't one and that even though some XRP acquirers purchased XRP for speculation, the SEC DIDN said.

On X, Deaton wrote about a question posed by Fox Business reporter Eleanor Terrett.

XRP was trading up at $0.5313 as of 4:47 p.m. ET on Monday. ET on Wednesday, with a 24 hour trading volume up by 86.48% at $1,660,254,984 - representing a 4.16% increase in the last 24 hours and a 69% gain in the past seven days.

Its circulating supply stands at 53,312,364,216 tokens, with its value down by 4.16% at a $28,324,920,928 market cap, according to data from CoinMarketCap.