Ripple’s XRP is facing renewed legal challenges after the Oregon Attorney General (AG) included it in a list of “crypto securities” in a recent lawsuit against Coinbase. This new development raises questions about the token’s status, despite a landmark ruling from Judge Analisa Torres that previously differentiated XRP’s treatment based on the nature of its sales. Here’s a breakdown of what the Oregon AG’s claim means for XRP and its ongoing legal battle.

Oregon AG Lawsuit: XRP Included Among ‘Crypto Securities’

On April 19, 2025, Coinbase revealed that the Oregon Attorney General had filed a lawsuit claiming that XRP, Solana (SOL), and 29 other tokens traded on the platform are unregistered securities. This lawsuit comes amid ongoing regulatory scrutiny in the crypto space and points to a more aggressive stance on token classifications. The Oregon AG’s complaint extends the scope of securities to more tokens than the Securities and Exchange Commission (SEC) did in its earlier case against Coinbase, with a total of 31 tokens, including well-known ones like UNI, AAVE, FLOW, and LINK, being called into question.

In particular, XRP’s inclusion in this list is noteworthy, as it contradicts the ruling made by Judge Analisa Torres in 2023. Judge Torres had determined that only the sale of XRP to institutional investors met the definition of a security under U.S. law. This ruling provided a partial victory for Ripple, which had been engaged in a prolonged legal battle with the SEC over the status of XRP.

Coinbase Rejects Oregon AG’s Claims: A Legal Overlook?

Paul Grewal, Coinbase’s Chief Legal Officer, was quick to dismiss the Oregon AG’s lawsuit, pointing out that the complaint failed to address Judge Torres’ decision on XRP. The ruling made by the judge stated that only the sale of XRP to institutional investors could be considered a security, leaving the general sale of XRP to retail investors outside of that category. Grewal emphasized that the Oregon AG’s complaint overlooked this critical aspect of the legal landscape, which could undermine the claims made against Ripple and other tokens.

The complaint from the Oregon AG represents another obstacle for XRP, following a recent 60-day pause in the Ripple-SEC case in hopes of reaching a settlement. While the outcome of the SEC case remains uncertain, the Oregon AG’s move adds a layer of complexity, especially considering the differing perspectives on what constitutes a security in the crypto space.

XRP Market Activity: No Significant Price Action Despite Legal Scrutiny

Despite the heightened legal uncertainty surrounding XRP, there has been an increase in network activity. Glassnode data revealed that the number of active XRP addresses spiked by 65%, growing from 27,000 to 40,000 users. However, this surge in network participation hasn’t translated into significant price movement. XRP’s market behavior remains sluggish, and its price action has been largely unremarkable in recent weeks.

XRP’s price, which had shown potential for a bullish breakout toward $2.48, continues to face downward pressure. As of now, the altcoin is still within a downtrend, with price movements failing to break the $2.4 mark, which would be necessary to confirm any bullish strength.

Additionally, XRP’s open interest (OI) in the derivatives market has fluctuated between $3 billion and $4 billion since February, indicating that speculative interest in the token has cooled off. The lack of clear momentum in price action suggests that market participants are taking a cautious approach, awaiting clarity on the token’s regulatory status.

What’s Next for XRP?

The legal environment for XRP remains uncertain, with the Oregon AG’s lawsuit adding another layer of complexity to Ripple’s ongoing regulatory battle. While Judge Torres’ ruling in 2023 may have provided some clarity, the continued scrutiny from various legal entities suggests that the question of whether XRP is a security is far from settled.

For XRP investors and traders, the focus will likely remain on key price levels and whether XRP can break out of its downtrend. A sustained rally above $2.4 would be a strong signal for potential bullish momentum, but unless the token can gain regulatory clarity and overcome the legal challenges it faces, price action may continue to be muted in the short term.

As Ripple prepares for further legal proceedings, including its case with the SEC, all eyes will be on how these developments influence XRP’s market trajectory. Until then, the token remains in a state of uncertainty, with its security status and market prospects both hanging in the balance.