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RULED BY US COURT RIPPLE IS NOT A SECURITY! NOW MOON!

On July 10, the bulls attempted to push XRP above the 20-day EMA ($0.48), but the bears managed to maintain their control.

le Labs achieved a favorable outcome in the United States District Court in the Southern District of New York on July 13. Judge Analisa Torres ruled in favor of the company in a case filed by the Securities and Exchange Commission (SEC) dating back to 2020.

According to recently filed documents, Judge Torres granted summary judgement in favor of Ripple Labs, determining that the XRP token is not a security.

The SEC's lawsuit aimed to compel Ripple to cease offering its XRP token, arguing that it should be subject to additional regulatory measures as a security.

Shortly after the news broke, the price of XRP experienced a significant surge, rising from $0.45 to $0.61 in a matter of minutes. As of the time of writing this article, the token has seen an increase of over 25%.

The legal battle between Ripple and the SEC began in December 2020 when the SEC sued Ripple, along with its CEO Brad Garlinghouse and co-founder Chris Larsen, alleging that the company had offered an unregistered security.

Throughout the past three years, the case has been marked by dramatic events, including the release of the "Hinman Documents" and Garlinghouse's ongoing defiance against the SEC's accusations.

With the notable price movement of the XRP token following the court ruling, the overall sentiment within the crypto community appears to be one of celebration and joy.