The price of Ripple’s XRP has exploded by as much as 24% in minutes following reports that a judge has ruled in favor of Ripple in the case against the United States Securities and Exchange Commission (SEC).
Read Also: Top Canadian Crypto Exchange Relists XRP Despite the Undecided Security Status
According to reports, a Judge has ruled that Ripple’s sale of XRP doesn’t constitute an offer of investment contracts.
This seems to be a major win for the company, as the case has been ongoing for more than three years.
Brad Garlinghouse Responds to the Latest Victory
Brad Garlinghouse, the CEO of Ripple, has recently taken to Twitter to respond to the latest victory against the SEC. He said the victory is for all the crypto innovation in the United States.
Garlinghouse tweeted, “We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.”
A Look Back to December 2020
In December 2020, the SEC filed a lawsuit against Ripple and two of its top executives (Brad Garlinghouse CEO and co-founder Chris Larsen) for allegedly selling XRP as an unregistered security.
However, Brad Garlinhouse took to Twitter and responded to the claims made by the SEC.
He wrote, “Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH.
“We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments – speed, cost, scalability and energy efficiency. It’s traded on 200+ exchanges globally and will continue to thrive.
“The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning.”
Read Also: Ripple Discussed Adoption of Crypto and XRP Utilities With the UK Government: Details
What Does This Verdict Mean for XRP?
According to Managing Partner at Cinneamhain Ventures Adam Cocran in a recent tweet, the final judgment mostly stands in favor of XRP. Howbeit, he said the monthly sale of XRP fails to meet the third prong of the Howey test.
Above all, Cocran described the verdict as a huge win for XRP. He said as XRP was not a security Bitcoin and Ethereum [ETH] aren’t securities either.