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Fortune

Jeff John Roberts

XRP soars 70% after judge rules for Ripple, Coinbase shares up 16%

Ripple SEC XRP Lawsuit Crypto Bitcoin

Ripple logo on coin (Credit: Photo Illustration by Jakub Porzycki—NurPhoto via Getty Images)

The price of the cryptocurrency XRP shot up on Thursday after a federal judge in New York issued a ruling that favored San Francisco-based Ripple in a closely watched lawsuit about when a digital token is a security.

As of midday, the price of XRP was trading around 80 cents following the decision by U.S. District Judge Angela Torres. This represents an increase of approximately 70% from the 47-cent level at which Ripple was trading prior to the ruling.

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