Ripple Labs (XRP) has achieved a crucial milestone in its legal saga by securing a U.S. court’s approval to accelerate the final judgment in the XRP lawsuit, indicating a significant step towards resolution. This recent ruling not only modifies previous court decisions but also aligns with both Ripple and the plaintiffs’ desire to avoid further delays, acknowledging that most class claims have been addressed.
This development is part of Ripple’s broader legal confrontation with the U.S. Securities and Exchange Commission (SEC), where it has seen several victories, potentially setting a precedent for cryptocurrency regulation. The court’s decision to allow an amended judgment aims to clear up remaining uncertainties, although one claim still awaits the outcome of the appeals process. Both parties have agreed to expedite proceedings by lifting the stay on the case 30 days after the appeal’s resolution.
Amidst these legal proceedings, Ripple has documented significant legal expenses, highlighting the intensity of its defense against the SEC’s allegations. This case has not only been a focal point for Ripple but has also shaped the discourse around digital asset regulations in the U.S.
The legal advancements have had a direct impact on XRP’s market performance. Following news of SEC Chair Gary Gensler stepping down at the start of Donald Trump’s second term, XRP hit a three-year high of $1.63. After briefly retreating to $1.31 on Nov. 24, the cryptocurrency has rebounded to $1.90, marking a 30% gain over the past week and an impressive 270% surge over the past month. Market analysts are bullish, predicting that with the current legal momentum and potential regulatory clarity, XRP could exceed its previous all-time high of $3.38 in a relatively short time.
Ripple’s progress in court is viewed by its executives as a stepping stone for further growth within the company and the digital asset sector at large. The resolution of this lawsuit could not only validate XRP but also enhance investor confidence across the cryptocurrency market. This case’s outcome might also influence how similar disputes are approached in the future, potentially affecting the regulatory landscape for digital currencies.
h/t TT
Leave a Reply