Huge for Ripple as the US District Court Judge Analissa Torres issues summary judgement that clearly favours the defendant.
In the summary judgement issued on July 13th, Judge Analissa Torres denied SEC’s utmost wish of getting XRP declared a security. The summary judgement has been welcomed by the XRP community as many have shared significant excerpts.
Lawyer, former prosecutor and member of Ripple’s legal team James K. Filan tweeted an excerpt stating to him the most critical part of the summary judgement is where the Judge declares that programmatic sales are not securities. He added because the buyers who bought XRP programmatically “stood in the same shoes as a secondary market purchaser,” coin’s sales in the secondary market too can not be treated as an investment contract.
#XRPCommunity #XRP This is to me the most important part of the decision. Programmatic Sales are not securities, and because a Programmatic Buyer “stood in the same shoes as a secondary market purchaser,” secondary market sales are not investment contracts — NOT SECURITIES. pic.twitter.com/G2QQy2y09A
— James K. Filan (@FilanLaw) July 13, 2023
In a reaction, Ripple’s CEO Brad Garlinghouse stated that they had said in 2020, when the lawsuit was filed, that Ripple was on the right side of the law and that they would be on history’s right side. Garlinghouse further wrote:
“Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.”
On the other hand, the development has caused a tremendous upwards movement in XRP’s price as the coin hit $0.92 hours ago. The highest price level XRP has reached since December 28th.
Currently trading at $0.77, XRP is up 64% during the day and 66% over the week. XRP has gone from the low of $0.46 to the high of $0.92 within the span of hours.
The kind of effect the summary judgement has had so far on XRP was expected. However, it seems that the rally has just started and the next price mark XRP enthusiasts are targeting is $1. Which the coin may hit in the next few days.
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