Breaking: Ripple wins lawsuit against SEC as judge rules XRP is not a security

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Ripple Labs won a victory in United States District Court for the Southern District of New York on July 13, as Judge Analisa Torres ruled in favor of the company in a case brought by the Securities and Exchange Commission dating from 2020.

According to documents filed on July 13, Judge Torres granted summary judgment in favor of Ripple Labs allowing the XRP token (XRP) not to be a security.

The SEC lawsuit sought to force Ripple to stop offering its XRP token on the basis that XRP was a security and therefore required further regulation.

Per court documents viewed by Cointelegraph:

"Defendants' motion for summary judgment is GRANTED with respect to programmatic sales, other distributions, and Larsen and Garlinghouse sales, and DENIED with respect to institutional sales."

Within minutes of the news breaking, the price of XRP rose from $0.45 to $0.61. This drives the token up over 25% at the time of this article’s publication.

The case against Ripple has been ongoing since December 2020, when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, over allegations that the company offered unregistered security.

Over the past three years, the case has had its fair share of dramatic intrigue, including the release of the "Hinman Documents" and