The XRP token rose 4.42% after a federal judge denied the U.S. Securities and Exchange Commission’s (SEC) motion to overturn its recent loss against Ripple Labs. XRP traded at US$0.5308 at 2:45 p.m. in Hong Kong on Tuesday, according to CoinMarketCap data.
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Fast Facts:
- In Tuesday’s ruling, U.S. District Judge Analisa Torres said she found no “substantial ground for difference of opinion” about her initial findings and that she did not agree that an appeal would advance the case toward a conclusion.
- While the decision counts as a partial victory for Ripple, it’s not a final decision. The judge set another trial date for April 2024 when the SEC could still try to appeal the case.
- In July, Judge Torres ruled Ripple Labs’ programmatic sales of the XRP token to retail investors did not qualify as financial securities. The judge granted the SEC to file an interlocutory appeal until Aug. 18. Interlocutory appeals occur before all claims to both parties are resolved and are only allowed under specific circumstances.
- In December 2020, the SEC sued the San Francisco-based technology firm alleging that Ripple’s sale of XRP was an unregistered securities offering. The SEC also implicated Ripple’s executive chairman Chris Larsen and chief executive officer Brad Garlinghouse as co-defendants, accusing them of aiding and abetting Ripple’s alleged violations.
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