4,000 XRP Holders Filed Affidavits, Judge Cites Them, Token Still Down 3% 🥲

Nearly 4,000 XRP holders helped secure Ripple's landmark legal win over the US Securities and Exchange Commission, attorney John Deaton said, revealing that the sworn statements he collected from retail investors were among the few exhibits cited by Judge Analisa Torres in her summary judgment decision. Torres issued her order on July 13, 2023, ruling that XRP itself is not a security, while $728.9 million in direct sales to institutions violated securities law, and that secondary-market sales to everyday buyers on exchanges did not. Ripple paid a $125 million fine in 2024, and the case formally closed in August 2025 when both sides dropped their appeals. CEO Brad Garlinghouse has previously said Ripple nearly shut down rather than face the SEC in court.

Deaton, who represented the holders as a friend of the court, said Torres referenced the affidavits alongside his amicus brief and a courtroom exchange from the LBRY case, another SEC crypto lawsuit. "Out of the thousands of exhibits submitted in the case overall, in her final summary judgment decision, she only cited to several dozens exhibits. XRP holder affidavits was one of those exhibits," Deaton said. His central argument drew on the Howey test, which stems from a 1946 Supreme Court case about Florida orange groves, contending that XRP is just computer code and cannot be a security on its own even when sold like one.

The third anniversary of the ruling drew a celebratory post from Ripple Chief Legal Officer Stuart Alderoty, who declared, "Happy XRP IS NOT A SECURITY DAY!" on X on July 13, 2026. The token itself had less to celebrate at press time, trading near $1.08, down about 3% over 24 hours, per BeInCrypto Markets data. The case continues to shape US crypto policy, with Congress now weighing crypto market structure rules built in part on its framework, while Ripple's victory stands as evidence that ordinary holders can move a federal courtroom.