A recent development in the long-standing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has once again stirred the XRP community, particularly followers of the persistent “$589” theory.
The spark came from Document 984, issued on May 15, 2025, by Judge Analisa Torres of the United States District Court for the Southern District of New York.
The document officially denied a motion jointly submitted by both Ripple and the SEC seeking an indicative ruling that could have reopened the terms of the Final Judgment.
Judge Torres dismissed the request, stating it was procedurally flawed and lacked sufficient legal grounds to alter either the injunction or the civil penalty initially imposed.
But it wasn’t the legal substance of the filing that captured the imagination of XRP holders—it was the number attached to it.
From Document 984 to 985: A Nod to the “589” Theory?
Shortly after the filing, popular XRP community figure JackTheRippler took to X (formerly Twitter) to highlight the numerical sequence, suggesting symbolic significance in what may appear to others as an administrative coincidence. He wrote:
“The next and final SEC document has the number ‘985’. Coincidence? I don’t think so! 589 is real…#XRP.”
The post references a long-standing meme in the XRP community that XRP will one day reach a price of $589, a number that has become more of a symbolic belief than a price prediction.
Although often dismissed by critics as speculative or baseless, the number has remained part of the XRP cultural mythology since it first circulated in 2018. Prominent influencers like Crypto Bitlord have also previously endorsed the idea, helping it gain traction across forums and social platforms.
You’re not delusional enough with your price targets $XRP $589
— Crypto Bitlord (@crypto_bitlord7) December 16, 2024
Community Reactions: Between Sarcasm and Support
Jack The Rippler’s post prompted a mixed reaction from the XRP community. Some saw it as harmless optimism, while others criticized it as misleading numerology.
One user, Jabby Dodger, voiced skepticism: “I hate to think that people have listened to someone who can’t tell a ‘5’ from a ‘4’ when it comes to their finances.”
In contrast, another user, Vanessa Cherry, came to Jack The Rippler’s defense, clarifying that the tweet specifically mentioned the next court document (985), not the current one (984), concerning the infamous 589 theory.
“I hate to think that someone doesn’t read the post that says the ‘NEXT’ and final number,” she commented.
Others, like Patronio, leaned into the conspiratorial vibe that often surrounds these theories, suggesting that critics simply “don’t get it,” and that deeper significance may still lie ahead.
What the Court Filing Actually Said
Beyond the symbolic speculation, Document 984 carries significant legal weight. The court denied the motion, which was styled as a request for “settlement approval,” due to its failure to cite or meet the standards required by Federal Rule of Civil Procedure 60. This rule allows courts to grant relief from final judgments only under “exceptional circumstances.”
The motion also failed to even reference Rule 60 in its text—a procedural oversight Judge Torres cited as a key reason for the denial.
Additionally, the court referenced precedent from SEC v. Citigroup Global Markets, Inc., reinforcing that the burden lies on the parties to justify reconsideration under a specific legal framework. The judge’s order concluded with instructions for the Clerk of Court to terminate the motion, effectively closing that chapter of the case.
Speculation Persists Despite Legal Clarity
Despite Judge Torres’s clear and procedural ruling, parts of the XRP community continue to view the upcoming Document 985 as something more than just a docket number.
The belief in a $589 XRP valuation has persisted for years, often fueled by cryptic posts, symbolic interpretations, and the broader hope that XRP will eventually dominate the digital payments space.
Still, no official indications or legal movements support the theory that XRP is on track to reach such a price. As the case winds down, observers are waiting to see whether the final filing in the lawsuit, Document 985, contains any surprises or if it simply serves to formally close the record.
Conclusion: Legal Finality Meets Community Belief
With the court now rejecting the latest attempt to revisit the Ripple settlement terms, and only one more expected document remaining in the case, the SEC v. Ripple lawsuit appears to be nearing its legal end.
Whether XRP’s value will one day align with the legendary $589 remains to be seen, but the endurance of that number within the XRP community underscores how sentiment and symbolism often coexist alongside legal and market realities in the world of crypto.
As the crypto industry watches closely, one thing is clear: XRP holders are not just investing in a digital asset; they are investing in a narrative, one that, for better or worse, includes document numbers, courtroom twists, and a price target that refuses to fade.
Also Read: Ripple CLO Gets Recognition for His Role in The SEC Lawsuit – Brad Garlinghouse Reacts
