Breaking: U.S. Appeals Court Approves Dismissal of XRP Lawsuit, XRP Price Up 8%
The XRP Lawsuit is completely over, following the court’s approval of the SEC and Ripple’s joint dismissal of their respective appeals. This puts to bed an almost five-year-long legal battle. Meanwhile, the XRP price is up amid this development.
Court Approves SEC and Ripple’s Dismissal of The XRP Lawsuit
In an X post, Defense lawyer James Filan revealed that the Second Circuit has approved the Joint Stipulation of Dismissal, which the SEC and Ripple earlier filed. This officially ends the case as the Commission has dropped its appeal, while the crypto firm has dropped its cross-appeal.
As CoinGape earlier reported, the XRP lawsuit wasn’t over before now, as the court still needed to approve the filing from both parties. This was why the SEC had to file a status report last week stating that the dismissal stipulation was still pending and awaiting the court’s approval.
Before then, the SEC, as the appellant, and Ripple, alongside its executives Chris Larsen and Brad Garlinghouse, as the cross-appelants, had filed the joint dismissal to put the legal battle to bed. With the court now approving the dismissal, the crypto firm will now move to settle the monetary judgment that Judge Analisa Torres had ordered against it.
Ripple will pay $125 million to the SEC as a penalty for its securities violations. This sum was in escrow pending the completion of the appeal case. Both parties had earlier agreed that Ripple should pay $50 million instead of $125 million. However, Judge Torres opted against giving an indicative ruling to adopt this settlement agreement.
The XRP price is up amid this development. TradingView data shows that the altcoin is currently trading at around $3.10, up over 8% in the last 24 hours.
Source: TradingView; XRP Daily ChartYou May Also Like
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