XRP Takes a Hit as Court Rejects Ripple-SEC Deal ⚖️📉

In a twist no one saw coming, XRP plunged after a U.S. federal court rejected a joint settlement between Ripple Labs and the SEC ❌. The reason? A procedural error—the motion didn’t comply with Rule 60 of the Federal Rules ⚠️.

The motion, filed on May 8, sought to scrap an old injunction and slash Ripple’s $125M fine to $50M 💵. Both sides had agreed, hoping to finally end their legal feud 🤝.

But the court said not so fast—the deal’s off the table (for now). Legal pros believe it’s a fixable filing mistake, and a corrected motion will likely be submitted soon 📝.

Despite the hiccup, Ripple’s Chief Legal Officer Stuart Alderoty reminded everyone that this doesn’t touch Ripple’s earlier win—that XRP isn’t a security in programmatic sales ✅.

Still, the market felt the heat. XRP dropped over 7%, open interest dipped 9.4% to $4.93B, and more than $21M in longs got liquidated 💥. The crypto crowd clearly isn’t chill with the uncertainty.

Currently, XRP is trading at around $2.42—and the vibes are tense across the crypto world 🌊.

Stay tuned—this legal battle is far from finished ⚔️.

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