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Home Altcoin News

Ripple Wins, SEC Loses: XRP Price Jumps 37% as US Judge Rules XRP is Not a Security

Hania by Hania
July 13, 2023
in Altcoin News
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Ripple Wins, SEC Loses: XRP Price Jumps 37% as US Judge Rules XRP is Not a Security
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Ripple Wins: XRP Soars After Judge Rules It’s Not a Security.

Recently, CEO Brad Garlinghouse stated that although the legal matter would shortly come to an end, the battle for cryptocurrency was far from done.

Ripple won a case brought against it by the Securities and Exchange Commission that dates back to 2020 according to a verdict delivered by Judge Analisa Torres in the United States District Court for the Southern District of New York on July 13.

Judge Torres has given summary judgment in support of Ripple Labs, allowing that the XRP token is not a security, according to documents filed on July 13.

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The SEC lawsuit was trying to force Ripple to stop offering its XRP token on the grounds that XRP was a security and thus required further regulation. 

As per court records:

“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, Other Distributions, and Larsen’s and Garlinghouse’s sales, but DENIED as to the Institutional Sales.”

Ripple Wins, SEC Loses: XRP Price Jumps 37% as US Judge Rules XRP is Not a Security

After the news was announced, the price of XRP shot up from $0.45 to $0.61 in a matter of minutes. As of the time of the release of this article, the token had increased to 37%. 

The case against Ripple has been going on since December 2020, when the SEC sued Ripple and its two top executives, Brad Garlinghouse and Chris Larsen. The SEC claimed that the company was offering unregistered security.

 

 

The case has experienced its fair share of dramatic intrigue over the last three years, including the publication of the “Hinman Documents” and persistent defiance from Garlinghouse against the SEC’s claims. 

The crypto community as a whole seems to be in high spirits, as proven by the sharp spike in prices of the XRP token following the announcement of optimistic news. 

Also Read:
Ripple’s Victory Over US SEC Might Upgrade Howey Test For Crypto

 

Tags: regulationRippleripple caseSECXRP
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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