By Ovunc Kutlu
ISTANBUL (AA) — A US judge on Thursday ruled in favor of Ripple Labs, after which the cryptocurrency company's token XRP soared more than 70%.
Ripple's XRP token is "not necessarily a security on its face," Judge Analisa Torres said in her ruling at the US District Court in the Southern District of New York.
"The SEC’s motion for summary judgment is GRANTED as to the Institutional Sales, and otherwise DENIED," she added.
In a lawsuit that started in late 2020, the US' Securities and Exchange Commission (SEC), argued that Ripple offered its XRP token as a security and should stop doing so, in addition to additional regulation.
After the ruling, the price of XRP was up 72% to reach $0.80 as of 4.00 p.m. EDT (2000GMT), while most cryptocurrencies saw major gains.
The price of Bitcoin rose 4.6% to $31,670 at the time, while Ethereum gained 6.6% to $1,996.