US District Judge Analisa Torres ruled on June 26 that the court will not grant the parties’ request for an “indicative ruling.” The decision blocks attempts to dissolve the injunction against Ripple and to reduce the firm’s penalty by more than half.
Ripple and the SEC had asked the court to signal willingness to approve a negotiated resolution. That would have ended the dispute without proceeding through appeals. Instead, Judge Torres rejected the motion outright, ordering the clerk to terminate it.
The ruling keeps Ripple barred from selling XRP to institutional investors. It also preserves the original penalty amount imposed in the 2023 summary judgment, which the SEC argued could total nearly $200 million.
Judge Torres’ decision leaves the path forward unclear. Both sides had paused appeals in anticipation of a favorable ruling. With this motion denied, those appeals may now resume.
The next key date is August 15. The SEC must file a status report with the court outlining its next steps. Ripple could also respond or file a new motion before then.
If no resolution is reached, the case could return to the Second Circuit Court of Appeals. That would extend the legal process into late 2025 or beyond.
The underlying ruling from July 2023 remains in place. That judgment found Ripple’s programmatic XRP sales on exchanges were not securities, but sales to institutional buyers were.
For now, institutional XRP sales remain restricted, and the penalty against Ripple stands unresolved. The parties face a renewed legal fight unless they revise their agreement or reach a new settlement.
