The legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) may be coming to an end. Recent comments from former SEC lawyer Marc Fagel clarify the current status.
Judge Torres No Longer Involved
Some members of the XRP community raised concerns that Judge Analisa Torres might be delaying proceedings by not acting on the joint motion to dismiss the case. However, Marc Fagel, with years of experience at the commission, put those fears to rest. He noted, 'Nobody is holding up the case. Not the judge (there is nothing for her to decide), not the commission (which has a standard procedure to follow).'
SEC Following Standard Procedure
Currently, both parties are expected to officially drop their appeals. However, this process does not happen overnight. According to Fagel, the commission needs to go through an internal vote before officially dismissing the appeal. This vote and the subsequent paperwork usually take one to two months. 'So there is nothing pending before the judge; it's now in the hands of the parties to simply dismiss their appeals, which they will do shortly,' Fagel added.
Discussion on XRP Price Impact
Following the latest Ripple SEC news, the price of XRP has surged to $3.00, marking an increase of 8.16%. Trading volume also increased by 53%, reaching $10.98 billion within the last 24 hours. These changes are significant for XRP holders and cryptocurrency investors who have been concerned about potential unseen issues dragging out the process.
Both parties are currently in the final stages of the process. The judge has no decisions left to make, and legal actions are proceeding at a normal pace. It's essential to remain patient as the case approaches its conclusion.
