On May 16, U.S. District Judge Analisa Torres rejected a proposed $50 million settlement between Ripple and the SEC, citing procedural issues and lack of jurisdiction due to the case being under appeal. This decision has reignited legal uncertainties surrounding XRP.
The SEC may still pursue an appeal regarding the classification of XRP’s programmatic sales, which could impact future ETF approvals. Both parties are required to submit a status report by June 16, potentially determining whether the case proceeds to the Supreme Court.
XRP is currently trading at approximately $2.36, with a 0.4% increase over the past 24 hours. Earlier this month, XRP reached $2.60, buoyed by optimism following the resolution of its legal battle with the SEC and speculation about potential XRP.
May 19 is anticipated to be a pivotal date for XRP. The CME Group plans to launch cash-settled XRP futures contracts on this day, pending regulatory approval. This move could enhance institutional participation in XRP trading.
In summary, XRP is navigating a complex landscape of legal challenges, market dynamics, and strategic considerations. The coming weeks, particularly events around May 19, could significantly influence its trajectory.