Ripple, the blockchain company behind the cryptocurrency XRP, has been embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC). In a recent development, the U.S. District Court for the Northern District of California has dismissed several major claims in a class action lawsuit against Ripple, providing a procedural victory for the company.

Judge Phyllis Hamilton granted Ripple's motion for summary judgment on federal class claims for unregistered and state law securities claims, eliminating most class action allegations against the company. Ripple's Chief Legal Officer, Stuart Alderoty, expressed satisfaction with the dismissal.

However, the court did not address the crucial issue of whether XRP is a security. This decision will be made by a jury, which will determine if XRP meets the criteria of the Howey Test, a legal framework used to identify securities.

Additionally, in a separate civil securities lawsuit against Ripple CEO Brad Garlinghouse, a California judge has ruled that Garlinghouse will go to trial over allegations of making misleading statements in 2017 about XRP sales. This trial aims to clarify if XRP should be considered a security under legal definitions.

The rulings in the two cases have been mixed, with Judge Hamilton's decision contrasting with a previous decision by Judge Analisa Torres in the Southern District of New York, who ruled that XRP was not a security when sold to retail investors.

Upcoming Deadlines and Motions

Both parties in the Ripple case have been ordered to reconsider their motions to seal parts of their briefs and were given until July 8, 2024, to file a narrowed motion to seal specific exhibits. The court's final decision on these motions will follow.

Impact on XRP Price

The ongoing legal battle has had a significant impact on the price of XRP. The cryptocurrency is currently trading at around $0.4947, nearing the local support level of $0.4922. If it breaks this level, it could fall to around $0.4850. On a larger time frame, XRP trades sideways between $0.4850 and $0.50, with no clear dominance by buyers or sellers.

Despite Ripple's partial victory in the case, the XRP status remains in question and will be decided by the jury. Many believe the final ruling will have a bigger impact on the price of XRP. Investors and the cryptocurrency community will continue to closely follow the developments in this high-stakes legal battle.