XRP (CRYPTO: XRP) Is Seeing Big Gains in Tuesday's Trading

The cryptocurrency's token price was up 8% over the previous 24 hours of trading as of 5:30 p.m. ET.

XRP (CRYPTO: XRP) is rallying on Tuesday as the cryptocurrency continues to gain following a recent legal victory against the U.S. Securities and Exchange Commission (SEC).

If tomorrow comes and goes without the SEC filing an appeal to previous court rulings, XRP's token price could see even stronger bullish momentum.

Here's what's happening today: XRP was trading up 7.9% over the last 24 hours of trading as of 5:30 p.m. ET on Tuesday.

Meanwhile, the price of Bitcoin was up 4.5%, and the price of Ethereum was up 6.2%.

The legal case between Ripple and the SEC has been closely watched by the cryptocurrency community.

In December 2020, the SEC filed a lawsuit against Ripple, alleging that the company had raised over $1.3 billion through an unregistered securities offering.

The lawsuit quickly became a hot topic in the crypto world, as many people believed that XRP was not a security and that the SEC was overstepping its authority.

The case has since moved through the courts, with both sides filing motions for summary judgment.

In November 2022, a federal judge in Manhattan largely sided with Ripple, ruling that the SEC had failed to show that XRP was an investment contract, and thus a security.

The judge also ruled that the SEC had not given fair notice to Ripple that XRP could be classified as a security.

If the SEC does not appeal the court's rulings by Tuesday evening, XRP will officially be classified as a non-security by the courts.

This could have a major impact on the cryptocurrency's price, as it would open the door for XRP to be listed on more cryptocurrency exchanges and for more institutions to be able to invest in the cryptocurrency.

As of right now, XRP is up over 80% year to date, easily outpacing the gains being seen by Bitcoin and Ethereum.

The cryptocurrency's token price has been rising steadily in recent weeks as investors grow more bullish on the cryptocurrency's future following the SEC case.

If the SEC does not file an appeal by Tuesday evening, XRP's token price could see even more bullish momentum in the coming days and weeks.

Here's the Double Down stock you're missing

“Double Down” stock recommendation from The Fool. Get both now for just $19.95.

If you’re looking for a stock that has the potential to double in the next year, then you need to check out the Double Down List.

These are the stocks that The Fool's best analysts are most excited about, and they're stocks that they think are about to pop.

If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it's too late.

And the numbers speak for themselves:

Nvidia: if you invested $1,000 when we doubled down in 2009, you’d have $345,467!*

Apple: if you invested $1,000 when we doubled down in 2008, you’d have $44,391!*

Netflix: if you invested $1,000 when we doubled down in 2004, you’d have $453,161!*

The Motley Fool has selected Nvidia as its top Double Down stock.

The graphics chipmaker has completely changed the way we live, and it's poised to keep mowing down the competition.

Its cutting-edge tech powers everything from gaming consoles to self-driving cars.

And now, Nvidia is branching out into new markets, like artificial intelligence and the metaverse, which could help it continue to grow for years to come.

The珪素谷 tech stock is up more than 400% over the last five years, and it trades at a reasonable 37 times earnings.

If you’re looking for a stock that has the potential to double in the next year, then Nvidia is a stock that you should definitely consider adding to your portfolio.

*Stock Advisor returns as of January 13, 2025

Keith Noonan has no position in any of the stocks mentioned.

The Motley Fool has positions in and recommends Bitcoin, Ethereum, and XRP. The Motley Fool has a disclosure policy.

Why XRP Is Soaring Today was originally published by The Motley Fool