After Ripple Labs’ partial victory before the Securities and Exchange Commission (SEC) on July 13, Ripple has now overtaken Bitcoin to become the fourth-largest cryptocurrency by market valuation. The market value of XRP increased by almost $21 billion in just three hours.

Within hours following the decision, the market capitalization of XRP increased by a staggering $21.2 billion to hit a new yearly high of $46.1 billion, moving it up from seventh place and surpassing Circle’s USD Coin and Binance’s BNB token in the process.

The significant increase in price for XRP followed the District Court for the Southern District of New York’s ruling that, in a lawsuit involving Ripple Labs and the SEC, the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.” In a similar vein, according to statistics from TradingView, the price of XRP increased by as much as 96% in the hours following the judgement, peaking at $0.93.

Following a U.S. judge’s decision that the selling of XRP tokens on exchanges does not constitute the formation of investment contracts, the price of XRP has soared 96% in the last day, increasing the most among the biggest cryptocurrencies by market capitalization. XRP increased to its highest level since March 2022, 93.8 cents, according to statistics from CryptoWatch, before falling to 81 cents at the time of publication.

Price movement followed the Southern District of New York District Court’s ruling that the “offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts,” as “the record cannot establish the third Howey prong to these transactions.”

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