- Judge Analisa Torres rules XRP token is a not a security.
- Coinbase will resume trading in XRP in the next few minutes.
- XRP nearly doubled in value following the ruling today.
“XRP” – the native token of Ripple Labs nearly doubled in value on Thursday after the crypto company secured a “huge win” against the U.S. Securities and Exchange Commission.
U.S. judge rules XRP is not a security
Judge Analisa Torres of a U.S. District Court concluded the case today that has been dragged for three years now with a ruling that XRP is “not” a security.
Defendants’ motion for summary judgement is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to Institutional Sales.
The decision is a victory not just for Ripple but the crypto market at large that surpassed $1.20 trillion just hours after the ruling.
Bitcoin was seen trading above $31,500 and Ethereum topped the $2,000 level.
Coinbase to resume trading in XRP
Reacting to the ruling, Coinbase – the largest U.S. crypto exchange also confirmed on Twitter that trading will resume in XRP later today.
Note that the win Ripple has secured against the SEC on Thursday bodes well for other crypto companies as well that are currently facing intense regulatory scrutiny. That includes Coinbase itself.
Also this morning, the Financial Times confirmed that Jacobi Asset Management is all set to debut the Europe’s first Spot Bitcoin ETF on the Euronext Amsterdam before the end of 2023. That also helped buoy the cryptocurrencies today.
In the U.S., heavy weights including BlackRock are awaiting approval for a similar exchange-traded fund.