Court ruling on XRP sales

On July 13, 2023 Judge Analisa Torres of the Southern District of New York issued a split summary judgment ruling. She found that Ripple's direct sales of about 728 million dollars of XRP to institutions were unregistered securities offerings. But she found that Ripple's programmatic sales on exchanges, where buyers did not know who was selling, were not.

She also said XRP itself is not, in itself, an investment contract; what matters is how it is sold. Crypto markets treated this as a partial win for Ripple, and XRP's price jumped sharply that day. Exchanges that had delisted XRP, including Coinbase, relisted it.

The ruling was from a single district court and did not bind other courts. It set up the remedies phase that followed in 2024.