On July 13 2023, Judge Analisa Torres issued a summary judgment in the SEC's long-running case against Ripple, ruling that XRP sales on public exchanges did not constitute unregistered securities offerings. The ruling was one of the first major legal wins for a crypto project against the SEC, and XRP spiked sharply within minutes of the news breaking.
This is a hard session because the move was a pure headline spike — an air pocket higher with almost no warning, followed by a volatile settling-out period as the market debated exactly how favorable the ruling really was and whether the rally had overshot. Chasing the initial candle was risky; so was fading it too early.
Same engine, same hidden right-hand side — a different day's problem.