The high-stakes XRP lawsuit between Ripple Labs and the SEC has entered a crucial phase as a pivotal June 16 deadline approaches. Neither party has refiled their joint request to amend the final judgment, potentially forcing the appeals court to resume briefing on unresolved issues. As XRP tests critical price support levels around $2.20, the legal developments continue to influence market sentiment.
Key Developments in the XRP Legal Battle
The current situation stems from a May 15 decision when Judge Analisa Torres denied a motion for an indicative ruling, citing procedural impropriety. Both Ripple and the SEC had sought the court’s approval to vacate a longstanding injunction if the case was remanded.
Legal expert Fred Rispoli explains that the denial focused on procedural flaws rather than substantive issues. According to Rispoli, ‘The parties didn’t request relief under the right rule of civil procedure,’ suggesting a need to refile under correct procedures.
Critical Timeline and Implications
With the June 16 deadline approaching, several scenarios could unfold:
- If no refile occurs before the status report: The Second Circuit will likely restart briefing
- If a motion is pending: A potential 60-day extension may be granted
- Both parties must demonstrate substantial justification for amending the final judgment
Market Impact and Institutional Interest
The legal uncertainty comes at a critical time for XRP, currently trading at $2.19. Recent institutional interest, including Webus’s planned $300M investment, highlights the broader market implications of the lawsuit’s resolution.
Expert Analysis and Future Outlook
Legal experts emphasize the high stakes involved:
- James Farrell, General Counsel at JST Digital, notes that permission is specifically needed for vacating the ‘obey-the-law’ injunction
- Community observers suggest both parties will likely use all available time to prepare detailed briefs
- The case’s resolution could set important precedents for crypto regulation
Frequently Asked Questions
Q: What happens if no refile occurs by June 16?
A: The case could revert to appellate proceedings, potentially extending the legal timeline significantly.
Q: Can Ripple and SEC settle without court approval?
A: Yes, for monetary aspects, but court approval is needed to modify the injunction.
Q: How does this affect XRP’s market status?
A: The legal uncertainty continues to influence XRP’s price and market position, with current support at $2.19.
As the deadline approaches, market participants should monitor developments closely, as the outcome could significantly impact both XRP’s legal status and market value.