Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission has entered a new phase of uncertainty following a failed settlement attempt. One week after Judge Analisa Torres rejected the joint settlement request from both parties, neither Ripple nor the SEC submitted a corrected filing.
The proposed agreement, filed on May 8, aimed to close the high-profile case. But Judge Torres declined to grant the motion last month, as it had a minor technical issue. Instead of requesting Rule 60 after judgment, they submitted it under Rule 62.1, a rule used only while an appeal is ongoing.
Consequently, no progress was made, and people expected a new move. A week after that, nothing new has been filed. Many people in the XRP community are concerned, as neither Ripple nor the SEC has said anything lately about the lawsuit’s outcome.
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Market Sentiment Shaken As Legal Stalemate Continues
According to @guyontheearth, former SEC official Marc Fagel offered further insight, explaining that the issue was not merely procedural. The judge indicated that Ripple and the SEC face a higher legal threshold than previously assumed.
The lack of updates has also impacted the XRP market, with the token dropping about 5 percent on the announcement of rejection. It has since recovered slightly and is trading at $2.45, with a modest gain of over 1 percent in the last 24 hours.
Although XRP hasn’t moved much recently, it is ready to break through a vital tech point. When XRP breaks above the weekly moving average, it gains much value. Markets are being overseen, but widespread uncertainty over the case is not helping.
The future of Ripple is uncertain because lawsuits are blocking its advancements. As the SEC has not replied and the settlement has not been revised, the crypto market and investors are still waiting for the next notable decision.
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