The legal battle between Ripple and the U.S. Securities and Exchange Commission has reached a new phase as Judge Analisa Torres denied a joint request to lift a sales injunction on XRP.
Second Phase of the Ripple and SEC Legal Battle
The dispute began in late 2020 when the SEC accused Ripple of raising $1.3 billion through XRP sales without registration. In July 2023, the court ruled that programmatic sales did not violate securities laws, but direct institutional sales did.
Judge Torres's Ruling
On Thursday, Judge Torres noted that nothing had changed since the previous ruling. Ripple and the SEC sought to reduce the civil penalty from $75 million to $30 million and remove the permanent bar on specific sales. However, neither side proved ‘exceptional circumstances’ to override the original judgment.
Ripple's Response and Current State of XRP
Ripple's Chief Legal Officer, Stuart Alderoty, stated that 'the ball is back in our court' and they can either dismiss their appeal or pursue it. XRP is trading at $2.11, reflecting a 3.58% decline in the last 24 hours.
Despite the short-term dip, XRP maintains its position as one of the top-performing large-cap assets, with an annual gain of 349%.
