US Judge Rules XRP is Not a Security

In what is considered one of the most significant Summary Judgments in the Web3.0 ecosystem thus far this year, Judge Analisa Torres has declared that XRP is not a security.

Great Day for XRP, Ripple, and the Community

According to initial updates from the Press, Judge Torres declared that the Programmatic Sales made by American blockchain payments firm Ripple Labs Inc and the Other Distributions, and Larsen’s and Garlinghouse’s sales of XRP do NOT constitute investment contracts.

This verdict brings significant relief to the community, especially early XRP holders who had been following the Ripple case with the United States Securities and Exchange Commission (SEC) since the market regulator sued the company for $1.3 billion in December 2020.

The lawsuit which has lingered since then has drawn different commentaries from industry leaders and experts with recent projections that the case is billed to come to an end soon. The current verdict is a testament that Judge Torres aligns more with the argument from Ripple Labs’ lawyers and notably sets the precedent that other pending lawsuits may follow.

Some of these lawsuits involve the tag the SEC recently placed on Coinbase and Binance for the trading of Cardano (ADA), Solana (SOL), Polygon (MATIC), and Filecoin (FIL) amongst others which it said are investment contracts. 

The victory Ripple Labs have inked appears as a very rare one, considering the fact that the SEC won a related enforcement action against LBRY, a case that was recently concluded. The legal battle journey has been notably tasking Ripple with the firm losing some of its top defense attorneys along the way.

XRP Price Going Parabolic

The news is already fueling a parabolic run in the price of XRP which is changing hands at a price of $0.5995, up by more than 30.16% at the time of writing. Experts had already predicted that the declaration of XRP as a non-security can help it pare off the deep losses it has accrued since the lawsuit started and through the crypto winter.

JUST IN: Ripple $XRP soars 30% after US judge rules it’s not a security😶‍🌫️

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The XRP growth can stir the broader market revival and help both Bitcoin (BTC) and other altcoins solidify their bullish momentum.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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