Ripple did not violate federal securities law by selling the XRP token on public exchanges and through algorithms, a US judge has ruled in a major win for the cryptocurrency industry.
In brief:
-Ripple's victory in the case brought by the SEC was only partial, with US district judge Analisa Torres also ruling that institutional sale of XRP did violate federal securities law.
-The news sent XRP's price soaring 75% late on Thursday
-Crypto exchange Coinbase quickly said it will add XRP back to its platform and saw its own share price jump by over 20%.
What does this mean?
Ripple CEO Brad Garlinghouse told Reuters that the ruling is a “a huge win for Ripple but more importantly for the industry overall in the US”.
