Ripple and Toncoin Surge as Market Responds to Positive Developments

Key Takeaways:

• XRP and TON surged in response to positive developments in the crypto market.
• Ripple increased significantly after resolving its legal dispute with the U.S. SEC.
• Toncoin is now available for spot trading on the Binance exchange, adding to its availability for futures trading.

On Thursday morning, Ripple and Toncoin saw significant gains in the global cryptocurrency markets, responding to long-awaited positive news for crypto enthusiasts.

TON and XRP prices showed the highest increase over the past 24 hours, with Stellar (XLM), Bittensor (TAO), and Bitcoin SV (BSV) following closely behind.

Ripple Scores Major Victory Against SEC

Ripple (XRP) saw a significant increase of 19.52% shortly after Ripple Labs, Inc. successfully resolved its legal dispute with the U.S. Securities and Exchange Commission (SEC).

The current price of XRP is $0.6078. Its total market capitalization exceeds $34 billion, and trading volume has increased by $5.5 billion over the past 24 hours, resulting in a 281.70% spike.

Despite receiving a $125 million fine, the XRP community sees this resolution as a much-needed relief, as reflected in the recent uptick in XRP's price.

It's important to note that the court document filed in August 2024 shows that the fine represents only a fraction of the penalties originally sought by the SEC. It marks the end of the four-year legal battle with the U.S. regulator.

In her summary judgment decision, Judge Analisa Torres confirmed that most of Ripple's XRP sales did not constitute unregistered securities offerings, except for its past sales to institutional investors, which violated Section 5 of the Securities Act.

The Judge also emphasized that the case “does not involve allegations of fraud, misappropriation, or other more culpable conduct” and that the SEC had not proven that Ripple's failure to register the sales with the agency resulted in significant losses for investors.

This positive outcome has sparked several reactions from the crypto community. Pro-XRP lawyer Jeremy Hogan celebrated the historic conclusion of the prolonged Ripple SEC lawsuit, calling it a “big win for Ripple.“

IT'S OVER! The SEC v Ripple case has been quite a journey – thanks for sharing it with me.

$125 Million penalty and a GENERIC injunction Order.

This is a BIG win for Ripple, no doubt about it. Have a Wonderful Day! https://t.co/hCZZYsMl7E pic.twitter.com/7uuuwsx0Dw

— Jeremy Hogan (@attorneyjeremy1) August 7, 2024

Ripple's CEO, Brad Garlinghouse, echoed similar sentiments on Twitter, declaring the outcome a victory for Ripple, the industry, and the rule of law. He said,

“The SEC's headwinds against the whole of the XRP community are gone.”

Related: Ripple CEO Fires Back at SEC’s Gensler: ‘Absolute Nonsense’

Toncoin (TON) Spot Listed on Binance Exchange

Toncoin, previously only available for futures trading on Binance, is now also accessible for spot trading. Starting from August 8, 2024, at 10:00 UTC, users of the Binance exchange can trade TON in the spot market, as reported by the crypto giant on August 8.

Binance will list @ton_blockchain $TON with Seed Tag applied.

Details here 👉 https://t.co/q4pmNujPmp pic.twitter.com/9ZTFAA2fq8

— Binance (@binance) August 8, 2024

It's important to note that Toncoin will be subject to a “seed tag” due to its potential for higher volatility and risk compared to other listed tokens. Binance has advised its users to practice adequate risk management and conduct thorough research before trading the TON token.

This new exchange listing for Toncoin (TON) is significant as it is among the top 10 cryptocurrencies based on market capitalization. In the last 24 hours, the price of TON has increased by 8.26% and is currently trading at $6.17. It has a market capitalization of $15.5 billion and a 24-hour trading volume of $927 million.

Related: Toncoin In-App Advertising System Causes TON Demand to Surge

Following this positive news, both Ripple and Toncoin have experienced surges in their prices, although they are still below their levels from seven days ago. Ripple (XRP) has seen a 0.31% drop in the past seven days, while Toncoin (TON) has also demonstrated a 10.08% loss during the same period.