A landmark ruling from the Madras High Court has declared XRP held on WazirX as legally recognized property, potentially setting a precedent for crypto asset rights within Indian law. This decision impacts user rights and exchanges across the nation. The court ruled in favor of Rhutikumari, a user whose XRP was frozen after a hack, requiring WazirX’s operator, Zanmai Labs, to provide a guarantee equivalent to INR 9.56 lakh for the recovered XRP. Justice N. Anand Venkatesh emphasized that cryptocurrency is legally recognized property, capable of being enjoyed and possessed. This ruling could significantly alter legal perspectives on cryptocurrency ownership in India. It also affects user rights and the operation of exchanges nationwide. Exchanges may need to reassess their asset ownership policies and address potential changes to user relationships as the judicial system recognizes XRP as property.