$XRP Dips After U.S. Court Rejects Ripple-SEC Settlement Over Procedural Misstep ⚖️📉
In an unexpected twist, XRP plunged sharply following a U.S. federal court’s rejection of the proposed settlement between Ripple Labs and the SEC ❌. The court ruled the motion was procedurally improper, violating Rule 60 of the Federal Rules of Civil Procedure ⚠️.
The motion, submitted on May 8, sought to dissolve a prior injunction and slash Ripple’s $125 million penalty down to $50 million 💵. Both Ripple and the SEC had agreed on this revised deal in hopes of finally closing their protracted legal battle.
However, the court’s dismissal halts the settlement process — at least for now. Legal experts view this as a technical glitch, and expect the parties to refile correctly in the near future 📝.
Ripple’s Chief Legal Officer, Stuart Alderoty, reassured the community that this procedural hiccup doesn’t impact Ripple’s previous major victories, including the landmark 2023 ruling that XRP is not a security in programmatic sales ✅.
Still, the market reacted swiftly: XRP’s price dropped over 7%, while open interest fell 9.4% to $4.93 billion 📉. Over $21 million in long positions were liquidated, reflecting trader anxiety amid unresolved uncertainty.
Currently, XRP trades near $2.42 — a clear sign of the tension reverberating through the crypto markets 🌊.
Stay tuned — this legal saga is far from over ⚔️.
