A U.S. judge rules that XRP is ‘not’ security, granting Ripple a ‘major triumph’ against the SEC

The XRP coin has been deemed not to be a security by Judge Analisa Torres. And said, In a few minutes, XRP trading on Coinbase will restart as usual.

Ripple Labs’ native token “XRP” then doubled in value on Thursday after the cryptocurrency firm scored a “huge win” over the U.S. Securities and Exchange Commission.

After three years of litigation, U.S. District Judge Analisa Torres ruled today that XRP is “not” security, bringing an end to the matter.

The request for summary judgement filed by the defendants is GRANTED insofar as the sales made by Larsen and Garlinghouse and the other transfers are concerned, but DENIED insofar as the sales made to institutions are concerned.

The judgement is good news for the cryptocurrency market as a whole, which soared beyond $1.20 trillion in the hours after the decision. Both Bitcoin and Ethereum were trading at or above their respective milestones of $2,000 and $31,500.

In response to the decision, the most popular cryptocurrency trading platform in the United States, Coinbase, said on Twitter that XRP trading will resume later today.

Keep in mind that other crypto businesses that are under intensive regulatory investigation might take heart from Ripple’s victory over the SEC on Thursday. Coinbase is included in this category.

In the United States, major players like BlackRock are waiting for regulators to green-light a comparable exchange-traded fund.

Also Read: Polygon Suggests Renaming MATIC Tokens POL