NewsletterBreaking: Top US Exchange Faces Snag Over Huge XRP Demand
Crypto Market News: The sudden judgment in the Ripple vs SEC lawsuit caused technical snags in a major United States based crypto exchange, thanks to the massive demand for XRP tokens on Thursday. The court’s ruling in Ripple’s favour against the U.S. Securities and Exchange Commission (SEC) led to an increase in activity on the platform. Judge Analisa Torres declared that XRP is not a security in what could be forever known as one of the most prominent rulings in the web 3.0 ecosystem. Meanwhile, the euphoria around Ripple is spreading elsewhere in the crypto market, potentially starting an altcoin rally.
Also Read: Alex Mashinsky Arrested As US SEC, DOJ, CFTC And FTC Filed Lawsuits Against Celsius Network
According to the ruling, the programmatic sales in XRP don’t constitute investment contracts. This could prove to be a very important and useful precedent not just for other crypto token issuers but also lawmakers and regulatory agencies around the world. Interestingly, Ripple had been inking partnerships with several companies across jurisdictions for providing payments services, despite the restrictions on XRP by US based crypto exchanges. Hence, the company now stands in a pole position to further strengthen its base in the blockchain payments space.
Crypto Exchange Faces Snags Over High XRP Demand
Crypto exchange Uphold Inc, which is one of the very few platforms offering XRP trading, had on Thursday faced massive activity on its platform soon after the judgment was delivered. The exchange inform traders that it was “experiencing internment issues” on the platform.
“We are experiencing significantly increased activity on the Uphold platform. This high volume of user traffic may temporarily cause some difficulties for users trying to log into the Uphold Wallet.”
In a latest update, the platform informed that it was continuing to investigate the issue.
Also Read: Crypto Market Bullish Over XRP Lawsuit Ruling, Altcoin Rally Imminent?
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