Ripple's XRP token surges over 80% as court issues mixed ruling over security status
TL;DR XRP, Ripple Lab's native token, rose by more than 80% on Thursday after a judge issued a ruling in an ongoing lawsuit. The motion from the Securities and Exchange Commission was granted in part, and denied in part, while the motion from Ripple was also granted in part, and denied in part. Trading exceeded $7 billion. The case may now move to trial.
Ripple Lab’s XRP token rose by more than 80% on Thursday after a judge issued a ruling in an ongoing lawsuit, according to CoinGecko. XRP is Ripple Lab's native token.
A motion from the Securities and Exchange Commission was granted in part, and denied in part. A motion from Ripple was also granted in part, and denied in part.
The case may next move to trial, according to the filing.
Trading exceeded $7 billion, also according to CoinGecko.
"Having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the Court concludes that Ripple’s Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act," the ruling states.
The ruling went on to say that having "considered the economic reality and totality of circumstances, the Court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts."