XRP Experiences a Surge as Settlement Discussions Emerge in Ripple vs SEC Legal Battle
XRP Price Surges 5% Amid Speculation of SEC Lawsuit Settlement
The price of XRP has experienced a significant surge of nearly 5% in the past week, reaching a high of $0.5380. This upward trend is believed to be driven by two key factors.
Firstly, Ripple, the company behind XRP, successfully obtained a one-week extension for the discovery deadline related to remedies. This extension was granted by the Court, indicating progress in the legal proceedings.
Secondly, there is ongoing speculation about a potential settlement in the SEC v. Ripple lawsuit. Crypto lawyer James Murphy has suggested that a resolution to the legal battle could be reached this year. Murphy believes that the 2024 election year and the potential for new SEC management could influence the likelihood of a settlement.
However, attorney Fred Rispoli holds a different opinion. He suggests that the SEC is likely to appeal the ruling, potentially prolonging the case until mid-2026. Rispoli criticizes Ripple’s approach to contesting the discovery process and proposes that greater transparency in post-complaint sales could have prevented future issues.
In response to Rispoli’s statement, XRP supporter Bill Morgan argues that if the SEC appeals Judge Torres’ decision on programmatic sales, they will likely lose. Morgan highlights that the judge carefully considered the facts of each type of sale, which the SEC has admitted are different.
Settlement negotiations in legal cases are typically confidential and will not be disclosed to the public until they are officially announced. This is emphasized by Morgan, who points out that in his 26 years of experience in settlement negotiations, there has never been a leak or breach of the without prejudice privilege.
Recent filings in the SEC v. Ripple lawsuit reveal ongoing tensions between the two parties. The SEC has requested Ripple to submit financial statements for the years 2022-2023, indicating a potential impasse in the legal proceedings.
As the story continues to evolve, stay tuned for more updates on the Ripple lawsuit.