The unexpected ruling in the Ripple and SEC lawsuit has caused technical difficulties in a major US-based cryptocurrency exchange due to the sudden surge in demand for XRP tokens.
Meanwhile, Judge Analisa Torres’ statement regarding XRP not being a security has become one of the most notable rulings in the recent Web 3 ecosystem, causing excitement around Ripple to spread in the market, and this could potentially mark the beginning of a new altcoin rally.
Ripple has entered into partnerships with several companies across jurisdictions to provide payment services, despite the limitations on XRP by US-based cryptocurrency exchanges. As a result, the company is now positioned to further strengthen its foundation in the blockchain payment space.
For instance, cryptocurrency exchange Uphold Inc, one of the few platforms that facilitates XRP transactions, experienced a significant surge in activity on its platform immediately after the ruling was announced. The exchange informed traders that they were experiencing a “temporary issue” on the platform.