Stellar (XRM) Gains 51% After XRP Judge Ruling

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On Thursday night, Stellar XRM/USD surged significantly, outperforming major cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD by gaining 51% in the past 24 hours.

What happened: This push follows a recent court ruling that determined that the Ripples XRP token was an investment contract when sold to institutional investors.

As of this 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), has major implications for the definition of tokens as securities. Although this decision is intermediate in a larger case, its importance cannot be underestimated.

Both XRP and XLM are strong competitors in the world of cryptocurrencies, each offering unique advantages and use cases. XRP’s focus on facilitating efficient cross-border payments and transitioning to fiat currencies has positioned it as a popular choice among financial institutions.

It’s no surprise that Stellar, like Ripple, offers affordable and fast transfer capabilities. This similarity is not coincidental, given that Stellar was founded by one of Ripple’s co-founders.

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Why it matters: The decision was viewed positively by XRP investors, as evidenced by the surge in token prices following the decision.

This new decision has also sparked renewed interest from major US exchanges, with Coinbase, Kraken and iTrustCapital putting XRP back on sale on their trading platforms. Gemini, the crypto exchange owned by the Winklevoss twins, has also hinted at the possibility of putting XRP back on sale in the near future.

Photo courtesy: Shutterstock.com

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