In a major development, the judge presiding over Ripple’s case declared that XRP does not fall within the definition of a security. According to the judge, Ripple’s sale of XRP does not constitute an investment contract. This is a win for Ripple. The judge’s ruling claimed that XRP did not meet the criteria for being a security. This decision also extends to institutional sales of XRP, which are also deemed not to be securities.

XRP Price Almost Doubled

According to Santiment, a market intelligence platform, XRP price skyrocketed 87% within 3 hours. It currently ranks No. 5 on CoinMarketCap, with an instant market capitalization of $36 billion.

Judge Torres, who provided additional context for the ruling, stated that Ripple’s programmatic sales, distribution channels, and XRP sales by Larsen and Garlinghouse do not form investment contracts. In essence, this interpretation effectively prevents categorising such transactions as securities.

In a broader context, the judge’s statement has implications for the broader cryptocurrency market. Judge Torres’ ruling specified that the classification of digital tokens sold to the public as securities is not always definitive. This may open the way for cryptocurrency sales and transactions, which is expected to revolutionize the cryptocurrency market.

Only a 50/50 win

While this ruling has brought considerable relief to Ripple and XRP enthusiasts, there is more to come, and the verdict is only a 50/50 win, with the court stating that a separate announcement will be issued soon detailing the date of the next hearing and a schedule of any relevant preliminary hearings.

XRP price predictions are all up as $600M in volume keeps XRP above $0.6 – whales are buying; XRP’s charts suggest it may be about to rally again, with its indicators starting to turn up.

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Filed under: Bitcoin - @ July 14, 2023 7:25 pm