XRP, one of the largest cryptocurrencies by market capitalization, experienced a remarkable surge of 96% within a single day. This surge comes in the wake of a crucial ruling by a U.S. judge, who determined that the sale of XRP tokens on exchanges should not be considered investment contracts.

Reaching as high as 93.8 cents, according to data from CryptoWatch, XRP’s price reached its highest level since March 2022. As of the time of publication, it had settled at 81 cents.

The surge in price occurred immediately after the District Court for the Southern District of New York clarified that the sale of XRP on digital asset exchanges should not be classified as offers and sales of investment contracts. The court concluded that the transactions in question did not meet the requirements of the third Howey prong.

This favorable court ruling has significantly impacted XRP’s market performance, leading to an impressive surge in its price.