The legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to unfold as both parties recently submitted a stipulation agreeing to file a deferred appendix for their cross-appeals. This update, revealed by defense attorney James K. Filan, adds a new layer to the case, as anticipation builds for the SEC’s opening brief, due January 15.
Ripple Lawsuit Developments
The stipulation aligns with Federal and Local Rules of Appellate Procedure, aiming for a streamlined process. Analyst Sherrie clarified that the deferred appendix consolidates references into a single appendix, simplifying the documentation for the appeals.
Meanwhile, Judge Phyllis J. Hamilton granted Ripple’s motion to seal confidential documents in another Ripple-related case. This decision protects sensitive materials while the broader legal dispute progresses.
XRP Price Soars Amid Legal Momentum
Ripple’s cryptocurrency, XRP, is riding a wave of optimism, with prices surging 11.52% to $2.82 within 24 hours. This bullish trend comes as daily trading volumes hit $11.5 billion, reflecting robust investor confidence. Data from Coinglass indicates a 21% rise in open interest, and $10 million in short liquidations have fueled the rally.
Whale investors, holding 1 million to 10 million XRP, have significantly increased their holdings, adding $3.8 billion since November 2024. This accumulation underpins market confidence in XRP, with many speculating on the token’s potential breakout past $3.
Also Read: XRP Price Hits Monthly High as Ripple’s USD (RLUSD) Stablecoin Surges: Will the Rally Continue?
Broader Implications for XRP
The XRP Ledger’s growing demand for banking applications is another critical factor driving interest in the cryptocurrency. Additionally, banking giant JPMorgan has hinted at a potential XRP ETF approval in 2025, forecasting inflows of up to $8 billion in the first year.
The Ripple lawsuit’s resolution could set a precedent for crypto regulation and XRP’s role in financial systems. As the SEC’s appeals brief approaches, investors and market analysts are closely watching for signals that could propel XRP to new highs.
The Ripple vs. SEC lawsuit remains a pivotal narrative in the cryptocurrency space. With XRP gaining momentum and legal proceedings advancing, the coming weeks could be critical for the token’s trajectory and the broader crypto industry. Investors and stakeholders should brace for potential market shifts as the case progresses.
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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