Jury to Determine Is XRP Considered a Security California Trial Approaches

Ripple has achieved a partial victory by dismissing most of the class action lawsuits against them, but its CEO, Brad Garlinghouse, faces trial for allegedly misleading investors about XRP sales in 2017. Although there is uncertainty surrounding Ripple and the SEC, the price of XRP remains stable with no clear in the short term.

In a significant development, the U.S. District Court for the Northern District of California dismissed several major claims in a class action lawsuit against Ripple. This decision grants Ripple a victory as Judge Phyllis Hamilton granted their motion for summary judgment on federal class claims for unregistered securities and state law securities claims.

Despite this win, the court did not whether XRP is classified as a security. This pivotal issue will be decided by a jury using the Howey Test criteria to evaluate XRP’s status. The uncertainty surrounding X’s classification looms large over both company and investors.

In another lawsuit against Ripple CEO Brad Garlinghouse, it was ruled that he must face trial over of making misleading statements about XRP sales in 2017 while four other claims were.

The future outcomes remain uncertain due to differences between rulings from Judges in California and New York. There are potential settlement discussions due to low damages and risks associated with adverse jury verdicts.

Both parties have been ordered to reconsider their motions regarding sealing parts of their briefs by July 8th, 2024. As for market performance, despite some fluctuations in prices around $0.7 currently trading range bound between $0.4850 and $0.50 indicating no clear dominance from either buyers or sellers.
Although Ripple secured a partial legal victory by dismissing claims, much remains undecided regarding XRP’s status impacting its price significantly.
Stay tuned for more updates on this high-stakes legal battle.