Ripple Wins XRP Lawsuit

Ripple Labs won a case filed by the Securities and Exchange Commission in 2020 in the United States District Court for the Southern District of New York on July 13, when Judge Analisa Torres ruled in favor of the company.

According to documents filed on July 13, Judge Torres has ruled that the XRP token is not a security and ruled in favor of Ripple Labs.

The SEC lawsuit aimed to compel Ripple to cease selling XRP tokens. The price of XRP increased from $0.45 to $0.61 in a matter of minutes following the release of the news. Stating:

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

This increases the token’s value by more than 25% as of the publication date of this article. Since December 2020, when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, for allegedly offering unregistered security, the case has been ongoing.

The case has had its fair share of dramatic intrigue over the past three years, including the publication of the “Hinman Documents” and Garlinghouse’s continued defiance in the face of the SEC’s accusations.

In addition to the noticeable movement exhibited by the XRP token surging in response to the news, the crypto community as a whole appears to be in a state of jubilation.