In the latest development in the Ripple vs SEC case, Judge Analisa Torres signed a memo endorsement as parties, witnesses, and others move to withdraw and end the long-running lawsuit.
Judge Torres approved the latest request to terminate attorneys or parties in the Ripple vs SEC lawsuit, according to a filing in the court. This comes after Ripple and the US SEC’s indicative ruling motion was denied again, setting the stage for parties to settle and drop their appeals in the 2nd Circuit Court.
Notably, the approval marks the start of administrative procedure to conclude the lawsuit and docket cleanup. Investment banker declarant and their client that entered the XRP lawsuit in August 2023 to provide expert testimony and analysis as well as safeguard their stakeholders are officially removed from the court’s docket.
Ripple to Drop Cross-Appeal After SEC Filing in August
Ripple CEO Brad Garlinghouse confirmed to drop their cross-appeal in the 2nd Circuit Court. However, the firm would pay $125,035,150 in civil penalty and the injunction barred Ripple from filing for IPO for at least 4 more years, as per an SEC lawyer.
The SEC is scheduled to file a status report in the 2nd Circuit Court by August 15. Ripple will follow up to drop their cross-appeals, in line with Judge Torres’ ruling.
Former SEC lawyer Marc Fagel clarifies that it typically takes 1-2 months for the SEC to approve an enforcement recommendation. He said an SEC public statement about dropping Ripple appeal can come at any time in the next few weeks.
Will XRP Price Rally to $15?
XRP price moving sideways near $3.46 after hitting an ATH last week. The 24-hour low and high are $3.43 and $3.58, respectively. Furthermore, the trading volume has decreased by 31% in the last 24 hours, indicating a decline in interest among traders.
Popular analyst Ali Martinez predicted XRP price to hit $6 and $15 next. This prediction was based on a bullish flag pattern formation in the weekly chart, with the daily chart also bullish.
Also Read: XRP Price Jumps 81%, Crypto Expert Predicts $15 Target
