Overview

• The four-year dispute formally ended in August 2025 after both sides dropped appeals, making Judge Analisa Torres’s 2023 mixed ruling final.
• Judge Torres cited attorney John Deaton’s amicus brief and XRP holder affidavits in concluding that XRP traded on public exchanges is not a security.
• Ripple deputy general counsel Deborah McCrimmon said volunteer researchers in the XRP community surfaced government and SEC statements that supported Ripple’s fair notice defense and saved significant legal costs.
• More than 2,000 exhibits were filed in the case, with community submissions among the materials referenced in the court’s reasoning.
• XRP rallied on legal milestones, including a 72% jump after the 2023 ruling and a run to a reported $3.65 peak in July 2025, and Ripple has pursued growth with a reported $200 million plan to acquire stablecoin payments platform Rail.