This Week in Crypto: Ripple Celebrates Victory, Coinbase Woes, and Where Now for Algorand?

Crypto news: And we kick off this week with the news every XRP maximalist has been waiting for. After more than two years of legal wrangling, Ripple won a (partial) victory in a legal action brought by the Securities and Exchange Commission (SEC).

Timeline of Algorand, Xrp

The court's decision should moderately de-risk the regulatory pressure on the crypto exchange's stock, which is a significant overhang on the share price, the broker's report said.

Crypto exchanges are hailing the ruling by Obama appointee Annalisa Torres that XRP sold on exchanges don't constitute securities. A case against institutional sales will still go to trial.

Ripple (XRP) Chief Technology Officer (CTO) David Schwartz has warned of fraudulent schemes seeking to exploit the recent success of the crypto payment company to spread phishing links of fake airdrops.

Algorand (ALGO), among the major cryptocurrencies in the market, experienced a surge of optimism today, mirroring the overall positive sentiment in the crypto space. This wave of optimism was triggered by Ripple's remarkable victory against the US Securities and Exchange Commission.

XRP price towered across the crypto market on Thursday and Friday bolstered by the landmark ruling from Judge Analisa Torres in the Ripple vs. SEC lawsuit, deeming XRP not a security.

The second largest crypto custodian in the U.S., once nearly acquired by Mike Novogratz and his Galaxy Digital fund, has resumed XRP trading after the court made a verdict partly in favor of Ripple Labs and XRP. That entity is BitGo.

The latest price moves in bitcoin (BTC) and crypto markets in context for July 14, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

Exchanges that delisted XRP back in 2020 in the wake of the lawsuit filed by SEC are now exploring the opportinities for XRP relisting. Among them are Gemini exchange, Kraken exchange, and Bitstamp.

Ripple Labs, the company behind the cryptocurrency XRP, achieved a significant partial victory in its long-standing legal battle against the U.S. Securities and Exchange Commission (SEC).

Coinbase, KrakenPro, and Crypto dot com are some of the crypto exchanges that reopened trading for XRP after a partial ruling in Ripple's favor. Winklevoss-founded platform Gemini also said it is mulling listing Ripple's coin for spot and derivatives trading pairs.