See More

Brad Garlinghouse Asserts XRP Is Not a Security as Investor Interest Climbs

2 mins
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • Ripple CEO Brad Garlinghouse reaffirms XRP is not a security after a favorable California ruling.
  • Class action claims against Ripple dismissed; remaining claim involves a plaintiff not directly tied to it.
  • Investor interest in XRP surges, with analysts urging caution due to potential market volatility.
  • promo

Ripple CEO Brad Garlinghouse has reaffirmed that XRP is not a security, following a decisive ruling in California.

This statement comes as investor interest in XRP reaches unprecedented levels.

Brad Garlinghouse: XRP Is Not a Security

Garlinghouse addressed the public regarding the California judge’s decision in a recent class action lawsuit. He emphasized that all class action claims were dismissed, reiterating that this outcome does not alter the standing of XRP as not being a security, in line with a prior New York court decision.

“As many have noticed – and some have already pointed out – there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. This is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security,” Garlinghouse stated.

He further clarified that the remaining state law claim, now scheduled for trial, involves a plaintiff who did not purchase XRP directly from Ripple and cannot confirm if he even encountered the disputed statements before his transaction. Furthermore, Garlinghouse criticized the plaintiffs, labeling them as opportunists attempting to exploit the legal system for substantial settlements.

Amid this legal backdrop, crypto analyst Woo Min-Kyu observed a notable increase in open interest (OI) for XRP, surpassing other cryptocurrencies. This trend suggests that as open interest rises alongside price, more investors are opening positions with the expectation of XRP’s price increase.

Min-Kyu emphasized that this heightened interest indicates increased trading activity. However, he also warned of potential market volatility, advising investors to prioritize risk management. As open interest and price rise, the market may experience sudden fluctuations, necessitating careful monitoring.

“This trend suggests that as open interest rises alongside price, investors are opening more positions with the expectation of XRP’s price increase. This heightened interest indicates that more trading activity is occurring with XRP,” Min-Kyu said.

Read more: Ripple (XRP) Price Prediction 2024 / 2025 / 2030

XRP Open Interest
XRP Open Interest. Source: CryptoQuant

The growing investor interest in XRP reflects the market’s response to these legal developments and the optimistic outlook for its value as Brad Garlinghouse defends Ripple’s position and anticipates further clarity during the upcoming trial.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2466.jpg
Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...
READ FULL BIO
Sponsored
Sponsored