The extended legal tussle that had embroiled the digital asset sphere for a significant duration saw a decisive turn of events. The US Securities and Exchange Commission (SEC) had been persistently pursuing the security classification of XRP, which subsequently led to a legal feud with Ripple. The outcome of this dispute carried enormous potential consequences.
Delivering her verdict, US District Judge Analisa Torres asserted that Ripple's XRP cannot be classified as a security. The judgement, released recently, further clarified that the SEC's claim was partially rejected, specifically in relation to its insistence on XRP being a security.
Judge Torres also affirmed that the XRP sales carried out by Ripple were securities according to her statements. This ruling, undeniably, has far-reaching repercussions, and is likely to go down as a monumental incident in the chronicles of digital currencies. The SEC, following an approach of regulation via enforcement in the digital asset realm, might witness the implications of this decision cascading across various assets in the industry.
The digital currency ecosystem had been eagerly anticipating this decision, and it seems that a significant resolution has been arrived at, thanks to the decisive action by Judge Torres. Consequently, this represents a significant victory for Ripple as the sale of XRP is no longer legally interpreted as an investment contract offering.
On the heels of the verdict, Ripple CEO Brad Garlinghouse expressed his thoughts on the two-year-long legal battle and the potential ramifications of the judgement on the US digital currency landscape. "We asserted in Dec 2020 that we were compliant with the law and would eventually be on the right side of history. Grateful to everyone who supported us till this decisive moment- one that is a victory for all crypto innovation in the US," he stated.
Ripple's prolonged contention with the Securities and Exchange Commission [SEC] had seen numerous phases. The dispute, lasting over two years, seemed to have no end in sight and the legal battle had a significant influence on the price of XRP, discouraging individual investors. However, Ripple has emerged triumphant from the legal wrangle with the latest ruling in their favor.
The US judge's official determination that Ripple's XRP isn't a security has conclusively settled the protracted discord between XRP and the SEC.
The verdict undoubtedly cast a positive spell on XRP's value. Current data reveal that Ripple's XRP value escalated by 30% in the wake of this news.
Ripple XRP's Value Soars 30% on the Back of Positive Court Ruling
Data from CoinMarketCap indicates that Ripple's XRP value rose by 30% in light of the favorable verdict from the long-standing lawsuit. XRP's price jumped from a 24-hour low of $0.4679 to reach a peak of $0.6119. As of the latest update, the digital currency traded at $0.6098, with projections suggesting further upswing potential.
The price trajectory of XRP has faced substantial turbulence over recent years, majorly due to the persistent lawsuit. However, the current ruling serves as a significant victory for not just the XRP community but the entire digital currency realm.
