Emily Walker
Ripple has achieved a significant victory in the class action lawsuit against XRP II LLC and its CEO Brad Garlinghouse. Analysts believe this development is likely to lead to a rise in the XRP price, which appears poised for further gains.
Ripple’s Class Action Victory
The court in the Ripple Labs Inc. case ruled in favor of the defendants, granting their joint motion for entry of judgment and a stay as modified by the court. The ruling indicated that the defendants presented valid reasons for their unopposed motion. The US District Judge noted that there was no valid reason to delay the judgment based on the presented record and arguments.
Following this, the judge issued a judgment regarding the class claims favoring the defendants, which included allegations of violating the Securities Act through the unregistered offer and sale of XRP, as well as control person liability against Ripple and Garlinghouse.
Additional class claims concerning the breach of the California Corporations Code related to unregistered securities offerings were also resolved in favor of the defendants. Moreover, the judgment confirmed that Ripple and Garlinghouse did not violate this California code concerning control person liability regarding XRP sales.
Judge Phyllis Hamilton has suspended the plaintiff’s claims against the defendants until all appeals on class claims are fully resolved. This situation reinforces the notion that XRP is not classified as a security, a stance already supported by Judge Analisa Torres in her previous ruling.
This ruling arrives in the wake of SEC Chair Gary Gensler announcing his resignation, set for January 20, 2025. With this news, the XRP price has surged past $1, reflecting optimism about the implications of Gensler’s exit for the cryptocurrency market.
Is XRP Price Set to Rise?
The outlook for XRP remains positive, with crypto analysts forecasting a potential increase in value. According to analyst Mikybull Crypto, the journey towards $2 for XRP has commenced, suggesting this price point could be achieved within the week.
Additionally, analyst CrediBULL Crypto indicated that XRP aims to reclaim its position among the top three cryptocurrencies by market cap, which it held alongside Bitcoin and Ethereum prior to the 2020 Ripple SEC lawsuit.
Currently, XRP is trading at approximately $1.60, reflecting an increase of over 6% in the past 24 hours, according to CoinMarketCap.