Ripple Labs finds itself navigating choppy waters as the XRP lawsuit continues to evolve. In the latest turn of events, lead plaintiff Bradley Sostack has filed an appeal in the U.S. Court of Appeals for the Ninth Circuit. The appeal challenges recent judgments in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse, including previous summary judgments and unresolved claims under California law.
This appeal adds another layer of complexity to the long-standing In re Ripple Labs Inc Litigation, which has seen various twists since its initiation in October 2020. Judge Phyllis Hamilton recently granted a motion to amend the judgment and stay order, signaling that class claims have been largely resolved. Yet, the plaintiffs have shown no signs of backing down, opposing Ripple’s bill of costs in a California district court and urging the court to reduce or deny the litigation expenses Ripple has requested.
Ripple’s Legal Team Pushes Back
Ripple has filed detailed documentation of its legal expenses, including declarations from Litigation Director Ana Guardado and 65 supporting exhibits. However, plaintiffs argue that addressing these costs is premature, given the pending appeal in the Ninth Circuit.
The mounting legal challenges come at a time when Ripple’s legal team has achieved significant wins, including the dismissal of many class-action claims. Yet, as the Ripple vs. SEC lawsuit in the Second Circuit Court looms, the company remains under intense scrutiny.
Ripple vs. SEC: A Critical Deadline Approaches
Adding to the legal pressure, Ripple faces a January 15 deadline for the principal brief in its high-stakes battle against the SEC. Some in the crypto community speculate that SEC Chair Gary Gensler could complicate matters for Ripple before his anticipated departure on January 20. With Ripple’s legal resources stretched across multiple fronts, Gensler’s potential maneuvers remain a wildcard in the unfolding saga.
XRP Price Remains Resilient
Despite the legal turbulence, XRP has maintained impressive market performance. The cryptocurrency has surged over 400% in recent months, buoyed by developments such as Donald Trump’s political win and the launch of Ripple’s RLUSD stablecoin. XRP currently trades at $2.40, with prices remaining stable over the past week.
As Ripple prepares for critical deadlines and new courtroom battles, the stakes couldn’t be higher. While the dismissal of several class action claims has bolstered investor confidence, ongoing appeals and regulatory challenges underscore the fragility of its legal victories. With the crypto community watching closely, Ripple’s ability to navigate these legal headwinds could define its future trajectory in the blockchain industry.
Also Read: Trump’s SEC Pick Sparks Ripple Lawsuit Speculations What Lies Ahead for Crypto Regulation?
This latest chapter in the XRP lawsuit saga highlights the delicate balance between legal defense and market performance, a challenge Ripple must deftly manage in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
