Story Highlights
- Ripple settles SEC case, agrees to pay $50m fine.
- SEC drops appeal, requests court to remove Ripple injunction.
- Final SEC vote needed to officially close Ripple case.
- XRP remains at $2.43 despite Ripple’s legal victory.
Ripple has decided to drop its appeal against the SEC and settle the case. The company will pay $50 million out of the originally ordered $125 million fine. The process indicates a vital development that will resolve the legal war between Ripple and the SEC. Alongside the request for injunction removal, the SEC plans to petition Judge Torres for this action. The official conclusion of the case will become possible after the SEC completes its voting process and finalizes the court documents.
Fox reporter Eleanor Terrett announced this information through her X social media platform. Ripple made a decision to end its appeal process as well as contribute $50 million to settle it. The SEC plans to remove the current injunction, as revealed by her. After all legal steps finish the case will permanently terminate.
Final SEC Vote Needed to Conclude Ripple Case
Ripple’s Chief Legal Officer, Stuart Alderoty, also confirmed the news. He reported through X that the SEC accepted to abandon its appeal process without any restrictions in the preceding week. Ripple decided to withdraw its counter-appeal as a part of its agreement with the SEC. Cash of $50 million currently held in an interest-bearing escrow will remain with the SEC based on his statement.
Further, he said that all funds which exceed the $50 million sum will return to Ripple. The SEC has decided to request the court removal of the earlier placed injunction. The SEC’s final vote along with legal paperwork remains essential for the completion of this process.
XRP maintains its position among the most significant cryptocurrencies that operate in the market. XRP holds the position of fourth-largest cryptocurrency based on market capital according to CoinMarketCap, following Bitcoin and Ethereum and Tether. Even though investors predicted XRP would appreciate following the legal victory the cryptocurrency has not seen a price increase until now.
XRP Stays at $2.43 Despite Ripple Legal Victory
The Office of the SEC has dismissed various crypto-related legal suits since Donald Trump resumed his position as president. The agency decided to stop its lawsuits against Coinbase and Kraken in recent times. The SEC revealed its willingness to solve a civil fraud case against Chinese entrepreneur Justin Sun, who was involved with the crypto project backed by Trump.
The new SEC chairman position goes to lawyer Paul Atkins as part of his appointments by Trump. Atkins serves as a lawyer who defends crypto businesses in his professional role. His formal Senate appearance will happen on Thursday of this week. During his tenure at SEC he intends to make substantial modifications to crypto law.
Ripple succeeded in the legal battle, but XRP did not gain price value afterward. The current XRP market price remains at $2.4,3 showing a minor 1% slump. However, the token is showing strong momentum near the $2.45 level, and its trading volume has gone up by 16% to $3.04 billion. XRP’s future price movement remains uncertain after this development.
