Brad Garlinghouse Says XRP Is Not a Security Amid Buy Spike

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

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.