Ripple CEO Celebrates One-Year Anniversary of XRP Court Ruling
Ripple CEO Brad Garlinghouse recently commemorated the one-year anniversary of the landmark court ruling that declared XRP is not a security. On July 13, 2023, this historic ruling marked a significant victory for Ripple and the cryptocurrency community. This decision by the court fundamentally altered the landscape for XRP trading and regulatory perception in the United States.
Garlinghouse took the opportunity to reinforce that Ripple had always believed it was on the right side of the law and history. He criticized the Securities and Exchange Commission (SEC) for its actions against Ripple, describing them as wrong and based on failed lawsuits, misleading rhetoric, slander, and intimidation. This ruling reaffirms our stance that XRP is not a security, and we hope this will deter any further baseless actions from the SEC, Garlinghouse stated.
Impact on Exchanges and Community Reactions
Following the court’s decision, several major exchanges, including Coinbase, Kraken, and Bitstamp, resumed XRP trading on their U.S. platforms. This resurgence in XRP’s availability resulted in increased price and volume, signifying a robust demand for the cryptocurrency. Notably, the court ruled that Ripple’s sales of XRP on exchanges, by executives, and other distributions to developers, charities, and employees were non-securities.
However, not all judgments were in Ripple’s favor. The court did rule that certain institutional sales by Ripple were deemed investment contracts and therefore securities. Furthermore, Ripple’s fair notice defense was only upheld for non-institutional transactions, leaving the door open to further regulatory scrutiny for institutional sales. Despite these mixed outcomes, the overall sentiment within the XRP community has largely been optimistic.
Significant Buying Activity and Whale Movement
On the first anniversary of the ruling, XRP holders exhibited significant buying activity, leading to the highest weekly gains in 2024. This enthusiasm did not just spread among retail investors; notable whale investors holding between 10 million and 100 million XRP tokens accumulated an additional 300 million XRP between July 12 and 15. This accumulation has reinforced a bullish outlook for XRP’s future performance.
XRP’s price reflected this heightened activity, extending gains by nearly 3% on Monday and trading above the $0.5300 mark. Analysts suggest that the cryptocurrency holds the potential to extend gains by another 13% to reach $0.6058. As the crypto community and regulatory bodies continue to absorb the implications of the court’s decision, the anniversary serves as a reminder of the contentious yet progressive journey of Ripple and its native token, XRP.
