US District Judge Analisa Torres ruled in favour of Ripple int he lawsuit filed by the U.S. Securiteis and Exchange Commission (SEC) back in December 2020. Ripple’s sales of XRP tokens do not fall under the classification of securities as per the ruling. This brings a multi-year legal battle to an end with a positive outcome for Ripple and the whole cryptocurrency market.
Ripple Wins Legal Battle Against the SEC
XRP is skyrocketing by 30% as the legal battle with the SEC has arrived at an end. Ripple, one of the largest companies in the crypto market was able to show that the sales of XRP tokens were not considered as sales of securities. This is very important for the whole cryptocurrency market, which is currently experiencing a very positive day.
The court explained that Ripple did not promise anything when it sold tokens to the market. Additionally, neither investors nor Ripple knew who where the parties involved in the exchange were (who was selling and who was buying). Investors buyers believed that the investment would help improve the whole Ripple ecosystem and increase the value of XRP.
At the time of writing this article, XRP is being traded with a price increase of almost 30% in just 24 hours. In the last hour alone XRP surged by 17%, according to data shared by CoinGecko. Thanks to this price increase, XRP is reaching its highest point since May 2022.
In recent years, Ripple has been expanding its offering of products and services, especially when it comes to cross-border payments. These payments are useful for those banks and financial institutions that want to perform international transfers and that need the liquidity to be credited almost instantly and not take multiple days to be conducted.