Ripple's Secondary Sales of XRP Not an Investment Contract: Judge Rules Following Over 3-Year Long Legal Battle

XRP is booming after Judge Analisa Torres’s ruling on Thursday that most sales of the Ripple-issued cryptocurrency do not constitute securities transactions.

According to Torres, institutional sales satisfied every prong of the Howey Test, meaning there was 1) an investment of money; 2) in a common enterprise; 3) with an expectation of profits; 4) based on the efforts of others.“The nature of the Institutional Sales also supports the conclusion that Ripple sold XRP as an investment rather than for consumptive use,” the judge wrote.

Furthermore, payouts to employees using XRP were not investment contracts because they did not involve an investment of money to begin with.

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