The legal battle between Ripple and the SEC is reaching a critical juncture as the deadline for the SEC to respond to the Appeal Court approaches on June 16. Speculations have been swirling around social media suggesting that the lawsuit will be resolved on this date, but attorney Fred Rispoli clarified that it is actually a deadline for the parties to provide a status update to the U.S. Court of Appeals, not a settlement date.
After Judge Analisa Torres rejected the initial settlement attempt between Ripple and the SEC, there has been a 20-day period with no refile from either side. As the June 16 deadline looms, Fred Rispoli anticipates a new motion to be submitted soon. Both Ripple and the SEC will need to make concessions if they want the settlement to be approved, with the key question being how willing the SEC is to compromise publicly.
Despite rumors of a potential $50 million fine and the lifting of an injunction being agreed upon but not yet resubmitted, there has been no concrete evidence of a settlement. This uncertainty has led to speculation that the legal battle could drag on for another two months, according to Bill Morgan.
The ongoing legal drama has had an impact on XRP’s price, which has dipped to $2.25, down 2.2% in the last 24 hours. However, the upcoming June 16 update could potentially boost XRP’s price if the expected legal filings in both the district and appeals courts occur. A favorable ruling on settlement terms could lead to Ripple dropping its cross-appeal and the SEC withdrawing its appeal over programmatic sales, which would be a positive development for XRP’s price recovery.
In the near term, XRP’s price movement will likely be influenced by updates from the court and any news regarding a potential spot ETF. As the clock ticks towards the June 16 deadline, all eyes are on the next steps in the legal battle between Ripple and the SEC.