Ripple has secured a major win in the class action suit against the crypto firm, XRP II LLC, and CEO Brad Garlinghouse. This win provides a bullish outlook for the XRP price, which analysts say is well primed for another leg to the upside. 

Ripple Secures Major Win In Class Action Suit

The court in Ripple Labs Inc. Litigation ruled in favor of the defendants (plaintiffs to the motion), grating a joint motion for entry of motion and stay as modified by the court. The court declared that the defendants had shown good cause in their unopposed motion. The US District Judge also added that based on the record and for the reasons provided by the parties in their motion, there is no just reason to delay entry of judgment. 

In line with this, the judge ordered entry of judgment in relation to the plaintiff’s class claims that were resolved in favor of the defendants. This includes claims that the defendants violated the Securities Act for the unregistered offer and sale of XRP and violation of the Securities Act against Ripple and Garlinghouse for control person liability. 

The other two class claims resolved in favor of the defendants include violation of the California Corporations Code for primary breach of the restriction on the offer or sale of unregistered securities. Lastly, the judge ordered entry of judgment for the class claim that Ripple and Garlinghouse violated this California code for control person liability in relation to the XRP sales.

Meanwhile, Judge Phyllis Hamilton stayed the Plaintiff’s claim for relief against the defendants until the final resolution on any or all appeals of the class claims. This further proves that XRP isn’t a security, although Judge Analisa Torres already set the

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Author: Scott Matherson