Why did XRP rise today? Vote of confidence ahead of court ruling on SEC-Ripple case

Ripple Labs' native token XRP ( XRP-USD ) gained over 30% on Tuesday as investors appeared confident of a win for the cryptocurrency space ahead of a landmark court ruling on the Securities and Exchange Commission's lawsuit against Ripple. The SEC in 2020 sued the blockchain payments firm and two executives, alleging that the company raised over $1.3B through an unregistered digital asset securities offering . A central question of the case is whether XRP ( XRP-USD ) is a security or not. If the court rules that it is indeed a security, that would mean all cryptos would be under the SEC's oversight, which is widely seen as negative for the sector. It remains unclear when the New York court will deliver its ruling. In Ripple's defense, attorney James Filan cited a recent ruling by a bankruptcy judge clearing the sale of Voyager Digital's assets to Binance.US. The judge had slammed regulators for not agreeing on whether cryptos are commodities or securities. "Despite external pressure being applied by U.S. regulatory authorities, the XRP Ledger aims to provide a digital payment infra not just for individuals, but also for existing financial entities such as central banks," said crypto research firm Messari in a tweet . "Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally," said Messari CEO Ryan Selkis. Earlier, Bitcoin held steady as crypto-market traders awaited Fed's rate decision .