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Crypto currency law theme, gavel and bitcoin symbol Jernej Furman/flickr.com

KEY POINTS

  • XRP saw an immediate surge in its value, recording over 8% gain
  • Judge Torres said she found no "substantial ground for difference of opinion" in her earlier ruling
  • XRP was trading up at $0.5313 in the early hours of Wednesday

XRP, the native cryptocurrency of the Ripple blockchain, soared Tuesday after a district court judge rejected the Securities and Exchange Commission's (SEC) interlocutory appeal.

XRP saw an immediate surge in its value, recording over 8% gain after news broke that it has once again won over SEC's motion.

District Court Judge Analisa Torres said Tuesday she found no "substantial ground for difference of opinion" in her earlier ruling and that she disagreed an appeal would help advance the case to a conclusion.

She based her decision on the SEC's failure to demonstrate "controlling questions of law" in a convincing manner.

"The Court's July 13 ruling was, and remains, the law of the land. XRP is not a security," Ripple Labs' chief legal officer Sturt Alderoty wrote on X.

Ripple Labs CEO Brad Garlinghouse said the latest judgment was like the court telling the financial regulator, "You asked me to apply the 'Howey' test, I did, and like it or not, you lost."

Crypto Law founder and lawyer John Deaton shared with the XRP community that Judge Torres' latest order was "Untouchable."

The "evidence submitted by XRP holders make another appearance in this decision - in her findings of fact - that she relied on. As I've maintained all along, her decision is based on the facts of THIS case. She stated that she never said no digital asset could ever be a security sold on an exchange - just that XRP, in this case, wasn't one and that even though some XRP acquirers purchased XRP for speculation - the SEC DIDN'T PROVE it was tied to the efforts of Ripple. Remember, the SEC was relying on an expert who got excluded on that very issue. And who helped accomplish that: XRP HOLDERS DID!" he said.

"She made clear that her decision was about #XRP in this case. In sum, she made it even clearer that, excluding Bitcoin, XRP is the only digital asset with legal clarity," Deaton wrote on X while replying to a question posed by Fox Business reporter Eleanor Terrett.

Judge Torres' decision came just days after the XRP community celebrated another ruling that the crypto asset is not a security at an event, called the "Proper Party." At the time, Ripple CEO Garlinghouse thanked the community for its support and said "this village beat the bully."

XRP was trading up at $0.5313 as of 4:17 a.m. ET on Wednesday, with a 24-hour trading volume up by 86.48% at $1,660,254,984 – representing a 4.16% increase in the last 24 hours and a 6.9% gain over the past seven days.

Its total circulating supply stands at 53,312,364,216 tokens, with its value down by 4.16% at a $28,324,920,928 market cap, according to data from CoinMarketCap

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