In the ongoing legal battle between Ripple Labs and the SEC, Ripple files new letter backing joint request for indicative ruling
In the latest development in the legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Ripple has filed a new letter supporting a joint request for an indicative ruling from the court. This move signals a potential step towards a settlement while maintaining the original court ruling.
What is an Indicative Ruling?
An indicative ruling is a signal from the judge indicating that both parties can proceed with a settlement without altering the initial court decision. Ripple has clarified that they are not seeking to change the previous judgment, but rather seeking clarity on moving forward with a potential settlement.
Ripple’s Commitment to Compliance
In the letter, Ripple has emphasized that even if the court removes the specific order requiring them to “obey the law,” the company remains committed to complying with all securities laws. This commitment underscores Ripple’s dedication to operating within the legal framework, irrespective of the court’s decision.
Despite this assurance, some legal experts, like former SEC lawyer Marc Fagel, believe that the letter does not introduce any new information and may be a response to skepticism within the crypto community.
Impact on XRP Price
Amidst the legal uncertainties, the price of XRP has experienced volatility. Following a daily high of $2.31, the token saw a 7% drop and is currently trading at around $2.15. XRP has faced multiple rejections at the $2.27–$2.30 resistance level, with the most recent rejection on June 16.
Looking Ahead
As investors and the crypto community await the court’s response to the joint request, there is anticipation surrounding the possibility of a settlement that could bring this prolonged legal battle to a resolution. The outcome of this case could have significant implications for Ripple, XRP, and the broader cryptocurrency market.