Stellar (CRYPTO: XRM) on Thursday evening experienced a significant surge, outperforming top cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) by gaining 51% in the last 24 hours.
This surge comes in the wake of a recent court ruling that determined Ripple’s XRP token to be an investment contract when sold to institutional investors.
At the time of writing, XRP is trading at $0.758, with a remarkable 60% increase in the last 24 hours. Meanwhile, XLM is trading at $0.1453.
The case, brought by the Securities and Exchange Commission (SEC), carries major implications in defining tokens as securities. While this ruling is intermediate within a larger case, its significance cannot be understated.
Both XRP and XLM stand as strong contenders in the world of cryptocurrencies, each offering unique advantages and use cases. XRP’s focus on facilitating efficient cross-border payments and bridging fiat currencies has positioned it as a popular choice among financial institutions.
It comes as no surprise that Stellar, like Ripple, offers affordability and rapid transfer capabilities. This similarity is not coincidental, considering that Stellar was founded by one of the co-founders of Ripple.
The ruling has been perceived positively by XRP investors, as reflected in the token’s price surge following the decision.
This new ruling has also sparked renewed interest from major US exchanges, with Coinbase, Kraken, and iTrustCapital relisting XRP on their trading platforms. Gemini, the crypto exchange owned by the Winklevoss twins, has also hinted at the possibility of relisting XRP in the near future.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Arnab Nandy
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