Ripple secures big win after Gensler’s resignation, XRP price rises?

Ripple has won a major victory in the class action lawsuit against crypto company XRP II LLC and its CEO Brad Garlinghouse. This gain provides a bullish outlook for XRP price, which analysts say is well poised for further upside.

Ripple secures major victory in class action lawsuit

The court in the legal dispute with Ripple Labs Inc governed in favor of the defendant (plaintiff of the application) by adopting a joint application for the filing of the application and stay as amended by the court. The court found that the defendants had presented good cause in their motion to object. The U.S. District Judge also added that based on the record and the reasons provided by the parties in their motion, there was no just cause to delay sentencing.

Accordingly, the judge ordered the entry of judgment with respect to the plaintiff’s class actions, which were decided in favor of the defendants. These include allegations that the defendants violated securities laws because of the unregistered offering Selling XRP and violations of the Securities Act against Ripple and Garlinghouse for controller liability.

The other two class actions decided in favor of defendants involve a 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 judgment to be announced for the class action lawsuit Ripple and Garlinghouse violate this California Code of Controller Liability in connection with XRP sales.

Meanwhile, Judge Phyllis Hamilton stayed the plaintiff’s claim for relief against the defendants pending final disposition of some or all of the class action appeals. However, this once again proves that XRP is not a security Judge Analisa Torres She already set a precedent with her ruling last year.

This development is now taking place under the SEC chairmanship Gary Gensler’s announcement that he will resign on January 20, 2025, when Donald Trump takes office. XRP price has since broken above $1 and is enjoying bullish momentum considering what Gensler’s departure could mean for the cryptocurrency.

Is XRP price rising?

XRP price currently has a bullish outlook and predictions from crypto analysts suggest that the crypto is ready for the next uptrend. In an X post, crypto analyst Mikybull Crypto stated that XRP’s movement to $2 has begun. According to analysts, XRP price could reach this level this week.

Meanwhile, crypto analyst CrediBULL Crypto explained that XRP price wants its “top 3” spot back, meaning the crypto wants to reclaim its position as one of the top three coins by market capitalization. XRP had recently occupied this position alongside Bitcoin and Ethereum Ripple SEC lawsuit started in 2020.

At the time of writing, XRP price is around $1.60, up over 6% in the last 24 hours Data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com