A U.S. judge has ruled that Ripple's sales of the XRP token do not constitute an offer of investment contracts. The decision could have significant implications for the broader cryptocurrency industry. The court applied the Howey Test, a standard used to determine whether certain transactions qualify as 'investment contracts.' The judge concluded that Ripple's institutional sales of XRP to sophisticated individuals and entities constituted the unregistered offer and sale of investment contracts, in violation of Section 5 of the Securities Act. This ruling is a significant development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).