XRP Price Explosion Imminent as Ripple And SEC File Joint Motion To Pause Appeals
Ripple and the U.S. Securities and Exchange Commission have filed a joint motion to pause their ongoing appeals as they work towards ending the high-profile legal dispute that has gripped the blockchain payments startup since 2020.
Ripple And SEC Move To Pause Appeals
On Thursday, the SEC and Ripple submitted a joint motion to the US Court of Appeals for the Second Circuit to suspend their respective appeals after reaching an agreement-in-principle to finalize a potential settlement.
As reported by ZyCrypto, Ripple CEO Brad Garlinghouse announced last month that the SEC would be throwing out its appeal. The new filing represents the first official confirmation that the regulatory agency has indeed dropped the appeal it launched in October and also hints that Ripple seeks to dismiss its cross-appeal.
However, the document also clarifies that the agreement-in-principle between the two parties has not yet secured formal approval from the SEC commissioners.
The parties require additional time to obtain Commission approval for this agreement-in-principle, and if approved by the Commission, to seek an indicative ruling from the district court, the filing reads.
Final SEC approval might only happen after Trumps pick, Paul Atkins, officially takes over as the new chairman. As he was confirmed by the U.S. Senate on Wednesday, his swearing in could only be a matter of days away.
Ripples Long-Lasting Battle With The SEC
The SECs approval of the agreement would close the long-running legal dispute, which started in December 2020 when the agency lodged a suit alleging that Ripple had raised $1.3 billion through the sale of unregistered securities in the form of XRP.
Back in July 2023, Judge Analisa Torres ruled largely in favor of Ripple, determining that sales of XRP to retail investors via exchanges did not violate federal securities laws.
However, the SEC appealed Torres ruling more than a year later, challenging that securities law was broken by Ripples direct offering of XRP on exchanges, and by personal sales of XRP by CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
XRP has struggled to muster strong bullish momentum since reaching its cycle peak at $3.40 in mid-January 2025. With this appeal now being dropped, XRP could be on the verge of erupting to new lifetime highs since there is no more legal pressure suppressing its price.
Text source: ZyCrypto
