The Ripple lawsuit has come back into focus after a recent joint filing from both parties. The company is seeking a resolution to the case and to cut legal costs.
Ripple's Motion for a Possible Settlement
Ripple submitted a Supplemental Letter requesting Judge Torres to acknowledge the negotiated settlement between the parties. Ripple noted that the agreement would ease the burden on the court and the appeals court. They also highlighted the SEC's recent efforts to establish clearer rules for the crypto space. Ripple clarified that the settlement would not undermine the previous ruling but would still hold the company accountable.
Implications for XRP and Institutions
Legal experts, including Bill Morgan, observed that despite the brevity of Ripple's letter, it was effective and helped save on legal costs. Morgan also stressed the need to vacate the injunction blocking XRP sales to institutional investors, as maintaining it could disadvantage Ripple compared to its competitors. He stated that both parties will need to 'obtain indicative ruling from Judge Torres' in the second joint motion.
Market Impact and XRP Price
A full settlement in the Ripple vs. SEC case could confirm the SEC's decision to withdraw its appeal against XRP's programmatic sales. If this occurs, attention may shift to XRP ETF applications, including those from Franklin Templeton and Grayscale Investments. However, despite the legal optimism, XRP's price fell by 3.43%, closing at $2.1606. For traders, it is crucial to observe how the situation develops, as movement above $2.20 could lead to retesting of the $2.3376 high.
The Ripple lawsuit remains a key factor influencing the future of XRP. A resolution to the case could significantly change the company's standing and its assets in the market.
