XRP Dips as U.S. Court Rejects Ripple-SEC Settlement Over Procedural Misstep ⚖️📉
In a surprising turn of events, XRP faced a sharp dip after a U.S. federal court rejected a joint settlement bid between Ripple Labs and the Securities and Exchange Commission (SEC) ❌. The court ruled that the motion was procedurally improper, failing to comply with Rule 60 of the Federal Rules of Civil Procedure ⚠️.
The motion, filed on May 8, aimed to dissolve a previous injunction and reduce Ripple’s $125 million penalty to $50 million 💵. Both Ripple and the SEC had agreed to this revised deal as part of ongoing efforts to resolve their long-running legal battle.
However, the court’s dismissal means the settlement cannot move forward—at least not yet. Legal experts say the issue was a technical error, and the parties will likely refile the motion correctly soon 📝.
Despite the setback, Ripple’s Chief Legal Officer, Stuart Alderoty, assured that this does not affect prior legal wins, including the 2023 ruling that XRP is not a security in programmatic sales ✅.
Still, the market reacted swiftly. XRP’s price dropped over 7%, with open interest falling by 9.4% to $4.93 billion 📉. Over $21 million in long positions were liquidated, signaling trader unease over the unresolved dispute.
As of now, XRP trades around $2.42, reflecting the tension rippling through the crypto space 🌊.
Stay tuned—this legal saga is far from over ⚔️. #XRP
#RippleVsSEC #CryptoNews🔒📰🚫 #BlockchainUpdates #CryptoMarket .#BinancePizza $XRP
In a surprising turn of events, XRP faced a sharp dip after a U.S. federal court rejected a joint settlement bid between Ripple Labs and the Securities and Exchange Commission (SEC) ❌. The court ruled that the motion was procedurally improper, failing to comply with Rule 60 of the Federal Rules of Civil Procedure ⚠️.
The motion, filed on May 8, aimed to dissolve a previous injunction and reduce Ripple’s $125 million penalty to $50 million 💵. Both Ripple and the SEC had agreed to this revised deal as part of ongoing efforts to resolve their long-running legal battle.
However, the court’s dismissal means the settlement cannot move forward—at least not yet. Legal experts say the issue was a technical error, and the parties will likely refile the motion correctly soon 📝.
Despite the setback, Ripple’s Chief Legal Officer, Stuart Alderoty, assured that this does not affect prior legal wins, including the 2023 ruling that XRP is not a security in programmatic sales ✅.
Still, the market reacted swiftly. XRP’s price dropped over 7%, with open interest falling by 9.4% to $4.93 billion 📉. Over $21 million in long positions were liquidated, signaling trader unease over the unresolved dispute.
As of now, XRP trades around $2.42, reflecting the tension rippling through the crypto space 🌊.
Stay tuned—this legal saga is far from over ⚔️. #XRP
#RippleVsSEC #CryptoNews🔒📰🚫 #BlockchainUpdates #CryptoMarket .#BinancePizza $XRP
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XRP
2.387
+1.30%