XRP is gaining momentum thanks to the growing institutional adoption, supported by speculation regarding exchange-traded funds (ETFs). At the same time, market participants continue to monitor the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The lawsuit, filed back in December 2020, is approaching another important moment, as on August 15, the SEC must provide the appellate court with information regarding the status of the dispute. The crux of the problem lies in whether the sales of XRP by Ripple constitute an unregistered securities offering. In a ruling issued in 2023 by U.S. District Judge Analisa Torres, it was established that institutional sales do indeed qualify as securities, while sales to retail investors on various exchanges do not. To expedite the conclusion of the case, Ripple withdrew its appeal on the judge's decision, but the attorneys of the Securities and Exchange Commission have not yet done so. Judge Torres also rejected the agreement between the SEC and Ripple, which contemplated a reduction of penalty sanctions and the lifting of the judicial ban, adding even more uncertainty to the case. The approaching deadline is set for updating procedural norms, although former SEC attorney Mark Fagel believes that by that time the appeals may be denied.
