U.S. District Court of the Southern District of New York ruled that Ripple's XRP token can be considered as a security when used for institutional sales, but not for public sales.
Judge Analisa Torres denied the SEC's request for summary judgment related to programmatic sales of XRP, including sales by two of the company’s former and current leaders.
The SEC has been litigating against Ripple since December 2020, accusing the company of raising $1.3 billion through an alleged unregulated digital asset securities offering.
Following the court's decision, XRP's value increased by 28% to 60 cents, a value it hasn't reached since May 2022.