On July 13, 2023, U.S. District Judge Analisa Torres handed Ripple the first win for a crypto company in a case brought by the Securities and Exchange Commission. The SEC had sued Ripple in D
On July 13, 2023, U.S. District Judge Analisa Torres handed Ripple the first win for a crypto company in a case brought by the Securities and Exchange Commission.
The SEC had sued Ripple in December 2020, alleging that XRP was sold as an unregistered security. Torres split the difference.
SEC ruled that Ripple’s XRP sales on public exchanges were not securities offerings, but its $728.9 million in direct sales to hedge funds and other institutional buyers were.
Traders didn’t wait for the fine print.
As reported, the XRP jumped from about $0.47 to $0.87 within three hours, and Coinbase said it would relist the token. XRP closed the day near $0.82, up more than 73%.
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Timing made all the difference.
An investor who put $1,000 into XRP at $0.47, just before the ruling came out, would have picked up about 2,128 tokens. At today’s price of roughly $1.05, that stake is worth about $2,230.
Someone who waited and bought at the close of $0.82 got about 1,220 XRP. That position is worth around $1,280 today, a gain of 28%.
Both buyers had a far better moment to cash out last year. XRP hit $3.65 in July 2025, when the close-of-day position would have been worth about $4,450.
The legal fight is over.
Ripple and the SEC dropped their appeals in August 2025. Torres' ruling, a $125 million penalty and the injunction on institutional sales all remain in place.
That clarity helped open the door to U.S. spot XRP ETFs, which have taken in about $1.71 billion in cumulative inflows.
The price hasn’t followed. XRP traded near $1.05 on Nov, 12, about 35% below its October high of around $1.60, after spot XRP ETFs lost $18 million to outflows over two sessions.
For anyone who bought on ruling day, the gain is still there. It’s just a fraction of what it once was.
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