The legal battle between Ripple Labs and the SEC continues to unfold, with the latest court order hinting at a potential victory for Ripple on the nature of XRP.
Judge Partially Sides with Ripple, Sets Timeline for Further Proceedings
A recent court filing reveals key developments in the Ripple vs SEC lawsuit. Following a partial grant and denial of a motion for summary judgment, the district judge has referred the case for settlement discussions. Additionally, crucial dates have been set for further motions and hearings on unresolved claims.
One such claim centers on a misleading statement allegedly made by Ripple CEO Brad Garlinghouse regarding his XRP holdings. Notably, the judge indirectly aligns with the SDNY court’s previous ruling, suggesting that XRP programmatic sales are not securities.
Key Dates and Motion Decisions
- July 8th: Deadline for Ripple to file a narrowed motion to seal.
- July 26th: Deadline for both parties to indicate their intent to exclude specific expert testimonies.
- Motions to exclude testimonies by Steven Feinstein (Ripple) and S.P. Kothari & M. Laurentius (SEC) denied.
This news comes as a positive sign for Ripple, especially considering Judge Hamilton’s agreement with Judge Torres’ summary judgment on XRP programmatic sales. Essentially, the plaintiffs haven’t proven XRP a security, as investor profits hinge more on Ripple’s efforts than the token itself.
Also Read: SEC Shakes Crypto Market: Lido, Rocket Pool, and MetaMask in Crosshairs
XRP Price Rebounds on Bullish Sentiment
The recent crypto market crash triggered whale selloffs and a dip in the XRP price. However, the token has since recovered, reaching a 24-hour high of $0.438, fueled by low trading volumes and potential whale accumulation. Notably, pro-XRP lawyer Bill Morgan’s recent buy-in has also contributed to the positive sentiment.
As of writing, XRP trades at $0.436, having bounced back from a 24-hour low of $0.4195. Notably, a surge in buying volume ($132 million within an hour) emerged when the price dipped below $0.40, further indicating a bullish undercurrent.
Eyes on Judge Torres’ Final Decision
The XRP community now eagerly awaits Judge Torres’ final ruling on potential penalties and injunctions in the remedies phase of the lawsuit. Legal experts anticipate a verdict by the end of July. This final decision could significantly impact the future of XRP and the broader cryptocurrency landscape.
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.
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