Ripple’s XRP token surges 28% as court issues ruling, sends case to trial
Ripple Lab’s XRP token rose as much as 28% on Thursday after a judge issued a ruling in an ongoing lawsuit, according to CoinGecko.
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 will move to trial, according to the filing. Where summary judgement was denied, those issues will be raised at trial.
“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.
“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,” the ruling continues.
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Author: RT Watson
