Ripple has scored a major victory in the class action lawsuit against crypto company XRP II LLC and its CEO Brad Garlinghouse. This win provides a bullish outlook for the XRP price, which analysts say is well poised for another surge.
Ripple scores big win in class action lawsuit
The court in the lawsuit of Ripple Labs Inc ruled in favor of the defendants (plaintiffs of the petition), granting a joint motion for the filing of a motion and stay, as modified by the court. The court ruled that the suspects had shown good grounds for their unfounded request. The U.S. District Judge added that, based on the record and the reasons presented by the parties in their petition, there is no just cause to delay adjudication.
In line with this, the judge ordered judgment in respect of the plaintiff’s class actions settled in favor of the defendants. This includes claims that the defendants violated the Securities Act for the unregistered offering selling XRP and Securities Act violations against Ripple and Garlinghouse over control person liability.
The other two class actions settled in favor of the defendants included violation of the California Corporations Code for primary violation of the restriction on the offer or sale of unregistered securities. Finally, the judge ordered the entry of a judgment for the class claim that Ripple and Garlinghouse has violated this California Control Personnel Liability Code with respect to XRP sales.
Meanwhile, Judge Phyllis Hamilton stayed the plaintiff’s claim for damages against the defendants until the final decision on any or all of the class action appeals. This further proves that XRP is not a security Judge Analisa Torres already set precedence in her statement last year.
Meanwhile, this development is taking place during the SEC presidency Gary Gensler’s announcement that he will resign on January 20, 2025, when Donald Trump is sworn in. The XRP price has since broken above $1 and is enjoying bullish momentum given what Gensler’s departure could mean for the crypto.
XRP price will rise?
The XRP price currently has a bullish outlook, and crypto analyst predictions suggest that the crypto is ready for its next move upward. In an X-post, crypto analyst Mikybull Crypto stated that XRP’s move to $2 has begun. This was a level the analyst said the XRP price could reach this week.
Meanwhile, crypto analyst CrediBULL Crypto stated that the XRP had taken this position just before the exchange alongside Bitcoin and Ethereum Ripple SEC lawsuit started in 2020.
At the time of writing, the XRP price is trading around $1.60, up over 6% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com