- XRP is down over 3% following the rejection of a joint legal motion by Ripple and the SEC.
- Judge Torres denied the indicative ruling, prolonging the four-year legal battle.
- Ripple’s proposed $50M penalty is far below the SEC’s original $2B demand.
- Market sentiment weakens despite prior optimism from CEO Garlinghouse.
Ripple’s Partial Victory Overshadowed by Court Setback
The price of XRP dropped over 3% in the last 24 hours following the latest twist in Ripple’s prolonged legal battle with the U.S. Securities and Exchange Commission (SEC). This comes after U.S. District Judge Analisa Torres rejected a joint motion for an indicative ruling, further delaying a definitive conclusion in the case that has dragged on for more than four years.
SEC vs Ripple: A Case That Just Won’t End
Despite Ripple CEO Brad Garlinghouse’s declaration back in March that the lawsuit had effectively ended, the courtroom drama is far from over. The legal proceedings, which began over four and a half years ago, saw a potential resolution with a significantly reduced settlement — Ripple agreed to pay $50 million, a fraction of the $2 billion initially sought by the SEC.
However, the recent ruling dismissing the joint motion from both parties underscores ongoing judicial hurdles. This isn’t the first time Judge Torres has denied such motions. A similar request in May was also turned down, prompting a June 16 deadline to address inconsistencies in the filings.
XRP Fails to Ride Market Momentum
The broader crypto market has shown signs of recovery recently, but XRP has failed to join the rally. The asset is currently trading well below $2.15, dampened by the legal uncertainty that continues to cloud investor sentiment.
This development adds to XRP’s ongoing struggle to maintain bullish momentum, despite strong community backing and past partial legal wins. Analysts suggest that until a final resolution is reached in the Ripple-SEC saga, XRP may continue to face pressure regardless of broader market trends.
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