- Ripple secures a historic legal win as the SEC case ends, confirming XRP is not a security.
- Legal clarity boosts hopes for US-based XRP ETFs and global expansion plans.
- XRP price surges over 10% following the ruling, fueling bullish market sentiment.
Ripple has finally closed the book on its years-long legal fight with the US Securities and Exchange Commission (SEC), ending one of the most high-profile cryptocurrency cases ever. On August 7, the two sides mutually submitted to the Second Circuit Court a motion asking them to dismiss both appeals, officially closing the case after years of courtroom confrontations.
The case, which started when the SEC charged Ripple with making unlawful sales of XRP as an unregistered security, has been the subject of sector discussion since 2020.
By this dual dismissal, Ripple’s programmatic XRP sales before the year up to then and other non-institutional allocations are now unquestionably determined by the legal principle of res judicata, so they cannot be questioned further. Such transactions, therefore, are legally recognized as legitimate.
Notably, the ruling clears the asset itself of being a security, lifting a cloud of doubt that has hung over the cryptocurrency for years. The ruling is being hailed as a historic victory for the XRP community, which has stood by for years of legal action and regulatory scrutiny.
Also Read | Ripple Fires Back at SEC Overreach, Pushes Congress for Crypto Clarity
Ripple Win Sparks XRP Rally, ETF Hopes
The ruling now liberates Ripple to devote all its energy to growing the business. Market commentators add that this legal clarity could also open the doors to US-based XRP exchange-traded funds (ETFs), a possibility that has been making waves over the last several months.
Ripple officials called this victory the start of a new era with worldwide expansion, along with partnerships to come. The company will continue to cement its presence within the space of global payment solutions, as well as accelerate worldwide digital asset adoption.
The timing of the ruling comes as sentiment towards altcoins strengthens, leading to the expectation of an XRP rally. The potential for the mitigation of the risk of regulation could help spark investor demand again.
With initial signs already being seen, considering the XRP has risen by over 10% after the ruling was made. The market will be watching to determine if this legal victory becomes the spark for continued growth.
Also Read | Ripple to Buy Rail in $200M Deal to Expand Stablecoin Services
