- Judge Annalisa Torres ruled that the XRP token is not a security.
- Coinbase will resume trading in XRP in the next few minutes.
- XRP has nearly doubled in value in the wake of today’s decision.
XRP – Ripple Labs’ native token nearly doubled in value Thursday after the crypto firm posted a “big win” against the US Securities and Exchange Commission.
A US judge has ruled that XRP is not a guarantee
Judge Annalisa Torres of the US District Court ended the case today that has now been delayed for three years with a ruling that XRP is “not” a security.
Defendants motion for summary judgment with respect to instrumental sales and other distributions, Larsen and Garlinghouse sales, and institutional sales declined.
The decision is a victory not just for Ripple, but for the cryptocurrency market in general, which topped $1.20 trillion just hours after the verdict.
Bitcoin was seen trading above $31,500 and Ethereum surpassing the $2,000 level.
Coinbase to resume trading in XRP
In response to the ruling, Coinbase — the largest cryptocurrency exchange in the United States — confirmed Twitter XRP trading will resume later today.
Note that Ripple’s win against the SEC on Thursday bodes well for other crypto companies as well as those currently facing intense regulatory scrutiny. That includes Coinbase itself.
Also this morning, the Financial Times confirmed that Jacobi Asset Management is poised to launch Europe’s first ETF on Euronext Amsterdam before the end of 2023. This has also helped boost digital currencies today.
In the US, heavyweights including BlackRock are awaiting approval of a similar exchange-traded fund.