Ripple Scores 'Huge Win' Against SEC As Judge Rules Defense Legally Sufficient

Ripple — the firm behind financial services cryptocurrency XRP XRP/USD — and its community is rejoicing after it scored a victory in its legal battle against the United States Security and Exchange Commission. 

What Happened: Ripple CEO Brad Garlinghouse wrote on Twitter Inc. TWTR on Friday that Ripple scored a "huge win" after the firm's general counsel Stuart Alderoty announced that the court denied the SEC's motion to strike fair notice defense. Per the document, Ripple asserted that it lacked "fair notice that its conduct was in violation of law, in contravention of Ripple's due process rights."

See Also: RIPPLE VS. ETHEREUM

Alderoty explained that the ruling "makes it clear there's a serious question whether the SEC ever provided Ripple with fair notice that its distribution of XRP — since 2013 — would ever be prohibited under securities law." He also said that he feels that it is "imperative that the sun sets on the SEC's 'regulation by enforcement' approach."

XRP Price Action: Since the ruling was first announced on Friday, XRP skyrocketed by over 15% from a low of under 73 cents to a high of over $0.845 in a matter of hours. The price has since corrected by about 8.75% down to $0.7711.