TL;DR

Just as the XRP Army celebrated the official ending of the legal case against the SEC, Judge Analisa Torres has denied the joint motion for an indicative ruling on their settlement. XRPs price reacted with an immediate price drop, but Ripples CLO said the company has nothing to worry about.

Judge Torres Rejects

The latest turn in this ongoing saga, which started back in late 2020, was reported by attorney James Filan on May 15. The filing reads that Judge Torres of the US District Court for the Southern District of New York has denied the motion as it would be procedurally improper to approve it since both parties failed to file it correctly under Rule 60.

The motion was filed on May 8, as both parties had agreed to reduce the penalty by 60% from the initial $125 million the court ordered last year to $50 million.

After listing the lack of proper filing under the correct court rules, Judge Torres concluded:

If jurisdiction were restored to this Court, the Court would deny the parties motion as procedurally improper.

Stuart Alderoty, Ripples Chief Legal Officer, who confirmed in late March that the lawsuit between the two had essentially ended after they decided not to file appeals against each other, said the order changes nothing in Ripples wins (i.e., XRP is not a security, etc).

He noted that the denial is only due to procedural concerns and that the SEC and Ripple are fully in agreement to resolve this case and will revisit this issue with the Court, together.

Nothing in today’s order changes Ripple’s wins (i.e. XRP is not a security, etc). This is about procedural concerns with the dismissal of Ripple’s cross-appeal. Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together. https://t.co/vBQdBD3FNe

XRP Price Dips

Ripples cross-border token jumped toward $2.7 earlier this week where it faced immediate rejection that pushed it south to $2.5 yesterday. However, the courts denied motion drove it lower once again as it dipped by over 5.5% at one point to $2.36.

It has recovered some ground and now sits above a critical support level around $2.38 but its still approximately 5% down on the day, while BTC has managed to bounce off and sits close to $104,000.

XRPUSD. Source: TradingView