Ripple has recently achieved a significant victory in the class action lawsuit against the crypto firm, XRP II LLC, and its CEO Brad Garlinghouse. This win has created a positive outlook for the XRP price, with analysts predicting that it is well-positioned for another upward surge.
The court ruling in the Ripple Labs Inc. Litigation favored the defendants, granting a joint motion for entry of motion and stay as modified by the court. The judge declared that the defendants had demonstrated good cause in their unopposed motion, leading to the entry of judgment in favor of the defendants on the resolved class claims. These claims included violations of the Securities Act for the unregistered offer and sale of XRP, as well as control person liability against Ripple and Garlinghouse. Additionally, the defendants were found not guilty of violating the California Corporations Code for the primary breach of the restriction on the offer or sale of unregistered securities.
Furthermore, Judge Phyllis Hamilton stayed the Plaintiff’s claim against the defendants until the final resolution of any appeals related to the class claims. This decision reinforces the notion that XRP is not considered a security, despite previous rulings by Judge Analisa Torres.
This legal victory comes at a time when SEC Chair Gary Gensler has announced his resignation, scheduled for January 20, 2025. The XRP price has surged above $1 and is experiencing bullish momentum, fueled by speculation about the implications of Gensler’s departure for the crypto market.
In terms of price predictions, the XRP price is currently showing a bullish trend, with analysts forecasting a potential surge in value. Crypto analyst Mikybull Crypto believes that XRP has started its movement towards $2, a level that could be reached in the near future. CrediBULL Crypto also suggests that XRP is aiming to reclaim its position as one of the top three largest coins by market cap, a status it held before the Ripple SEC lawsuit in 2020.
As of the latest data, the XRP price is trading around $1.60, up more than 6% in the last 24 hours according to CoinMarketCap. The chart from Tradingview.com shows XRP price holding above $1.6, indicating a positive trend in the market.
Overall, the recent legal victory for Ripple and its executives, combined with the positive price outlook for XRP, has generated optimism among investors and analysts. The future trajectory of XRP remains promising, with potential for further growth and market success.
