Ripple’s Legal Victory: A Major Boost for XRP
Ripple has achieved a significant legal triumph in the class action lawsuit involving XRP II LLC and its CEO, Brad Garlinghouse. This victory is seen as a positive development for XRP’s market performance, with experts predicting a potential price surge for the cryptocurrency.
Ripple’s Landmark Win in Class Action Lawsuit
The court handling the Ripple Labs Inc. Litigation has ruled in favor of Ripple, granting a joint motion for entry of judgment and a stay as modified by the court. The defendants successfully demonstrated good cause in their unopposed motion, leading the US District Judge to conclude that there is no reason to delay judgment entry.
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Consequently, the judge ordered judgment in favor of Ripple regarding the plaintiff’s class claims, which included allegations of violations of the Securities Act due to the unregistered offering and sale of XRP. The allegations also involved claims against Ripple and Garlinghouse for control person liability.
Furthermore, the court ruled in favor of Ripple in two additional class claims, which involved breaches of the California Corporations Code concerning the sale of unregistered securities. The judgment included a ruling that Ripple and Garlinghouse were not liable for control person liability under this code in relation to XRP sales.
Judge Phyllis Hamilton has stayed the plaintiff’s remaining claims for relief against Ripple until all appeals concerning the class claims are resolved. This reinforces the notion that XRP is not classified as a security, aligning with the precedent set by Judge Analisa Torres in her prior decision.
This legal victory coincides with the announcement by SEC Chair Gary Gensler of his resignation, effective January 20, 2025, as a new administration takes office. Following this news, XRP’s price has surged past $1, bolstered by the bullish sentiment around Gensler’s departure and its implications for the cryptocurrency market.
Anticipated Surge in XRP Price
The current market sentiment for XRP is highly optimistic, with analysts forecasting a substantial upward movement. Crypto analyst Mikybull Crypto has indicated that XRP’s upward trajectory toward the $2 mark has commenced, anticipating the achievement of this target in the near future.
Meanwhile, another analyst, CrediBULL Crypto, has expressed that XRP aims to reclaim its position among the top three cryptocurrencies by market capitalization. XRP previously held this prestigious spot alongside Bitcoin and Ethereum before the onset of the Ripple SEC lawsuit in 2020.
As of the latest market data, XRP is trading at approximately $1.60, marking a 6% increase over the past 24 hours, according to CoinMarketCap figures.
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