Ripple has scored a major win in its class action lawsuit against cryptocurrency company XRP II LLC and its CEO Brad Garlinghouse. This win provides a bullish outlook for the price of XRP, which analysts say is well poised for another move to the upside.
Ripple wins big in class action lawsuit
The court in the Ripple Labs Inc. case to rule In favor of the defendants (plaintiffs in the motion), with a joint motion to accept the motion and stay as amended by the court. The court declared that the defendants had shown good reasons in their application without opposition. The U.S. District Judge also added that based on the record and the reasons given by the parties in their motion, there is no just cause to delay sentencing.
In line with this, the judge ordered entry of judgment with respect to the plaintiff’s class actions which were decided in favor of the defendants. This includes allegations that the defendants violated the Securities Act by reason of the unregistered offering and Sell XRP and a securities law violation against Ripple and Garlinghouse regarding controlling person liability.
The other two claims resolved in favor of the defendants involved violations of the California Corporations Code for a fundamental violation of restrictions on the offer or sale of unregistered securities. Finally, the judge ordered that the ruling be registered for the class action lawsuit Ripple and Garlinghouse Violated California’s controlling person liability law in connection with XRP sales.
Meanwhile, Judge Phyllis Hamilton stayed the plaintiff’s claim for relief against the defendants until the final decision on any or all of the class action appeals. This also proves that XRP is not a security Judge Analisa Torres It had already set the precedence in its ruling last year.
Meanwhile, this development comes amid the head of the Securities and Exchange Commission Advertisement Gary Gensler He will resign on January 20, 2025, when Donald Trump is sworn in. The price of XRP has since surpassed the $1 level and is enjoying upward momentum, considering what Gensler’s departure could mean for cryptocurrencies.
Will the price of XRP rise?
The price of XRP currently has a bullish outlook, and cryptocurrency analyst forecasts indicate that the cryptocurrency is ready for the next step in the uptrend. Posted by X, Cryptocurrency Analyst micpool encryption It was stated that the movement of XRP to $2 has begun. This was the level the analyst said the price of XRP could reach this week.
Meanwhile, cryptocurrency analyst CrediBULL Crypto stated that the price of XRP wants to regain its “top three” position, meaning that the cryptocurrency intends to regain its position as one of the top three coins by market capitalization. XRP held this position alongside Bitcoin and Ethereum shortly before Ripple SEC lawsuit Started in 2020.
At the time of writing, the price of XRP is trading at around $1.60, up more than 6% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.