XRP Lawsuit Saga: SEC Appeals, Ripple's Next Move, and What It All Means

The Ripple vs. SEC case continues to twist and turn! Ripple drops its cross-appeal, the SEC's next move, and what it means for XRP's future.

XRP Lawsuit Saga: SEC Appeals, Ripple's Next Move, and What It All Means

The Ripple vs. SEC drama is far from over! With Ripple dropping its cross-appeal and the SEC's next move pending, the XRP community is buzzing. Here's the lowdown on what's happening and what it could mean for the future of XRP.

Ripple Drops Cross-Appeal, SEC Expected to Follow

Ripple has officially dropped its cross-appeal in the SEC case, signaling a major step towards closing this long-running legal battle. CEO Brad Garlinghouse stated, "Ripple is dropping our cross-appeal, and the SEC is expected to drop theirs, as they’ve previously said. We’re closing this chapter once and for all and focusing on what’s most important — building the Internet of Value." But hold your horses, folks – it's not officially over yet.

SEC Appeal Still Pending: What's the Hold Up?

Despite the expectation, the SEC hasn't officially dismissed its appeal. Former SEC lawyer Marc Fagel clarified that both parties need to file formal paperwork to end the appeals. The SEC is currently navigating its internal approval process. Fagel believes there's no reason for the SEC to continue the appeal, as they previously agreed to dismiss it as part of a settlement plan. Once the SEC finalizes its vote, expect joint paperwork to be filed, solidifying the district court’s judgment.

Why Didn't Judge Torres Drop the Case?

Some XRP enthusiasts are scratching their heads, wondering why Judge Analisa Torres didn't just drop the case altogether. Fagel shed some light on this, explaining that Judge Torres found Ripple had raised hundreds of millions through unregistered securities sales. In other words, Ripple’s alleged illegal fundraising warranted action.

The Implications of Judge Torres' Ruling

Judge Torres has identified institutional sales of XRP as a securities offering. This ruling remains in effect, meaning Ripple must either cease these sales or comply with securities laws. XRP lawyer Bill Morgan has stated that Ripple was already preparing for a permanent injunction on "historical institutional sales."

What's Next for XRP?

The outlook for XRP’s value after the lawsuit's expected resolution is cautiously optimistic. Many anticipate a significant price surge once the legal cloud is fully lifted, potentially due to increased institutional investment, new partnerships, and even the possibility of a spot XRP ETF, with some analysts predicting targets up to $5.81 or higher.

Final Thoughts: Are We There Yet?

While the end seems near, it's not a done deal until that paperwork is filed. The XRP community is eagerly awaiting the final chapter of this legal saga. Once the dust settles, the focus can truly shift to building the Internet of Value and exploring the full potential of XRP. Fingers crossed, the wait won't be much longer!