Ripple XRP Case Update: Court Sets Deadlines For Motions And Hearings

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As a researcher with a background in finance and law, I have been closely following the Ripple XRP case, and I believe that this latest development is significant for several reasons. Firstly, the court’s decision to refer the lawsuit for settlement and set dates for further motions indicates that the case may be nearing its end. This is a positive sign for both Ripple and XRP investors as it brings us closer to a resolution.

Ripple XRP Case Developments: Following the recent court order granting partial summary judgment and denying it in part, a district judge has assigned this lawsuit for possible settlement and established deadlines for subsequent motions. Implicitly, the judge aligned with the ruling of the Southern District of New York (SDNY) that programmatic sales of XRP do not constitute securities.

Ripple Lawsuit Set for Further Proceedings

The court has set forth schedules for additional motion filings and hearings on outstanding disputes, among which is an alleged misrepresentation made by Ripple CEO Brad Garlinghouse concerning his extended investment in XRP, as indicated in the most recent court document.

Phyllis Hamilton, the presiding judge, has given a July 8th cut-off date for submitting revised motions requesting sealed documents. A distinct order from the court regarding this motion will follow subsequently.

Additionally, the judge granted the parties a 28-day period until July 26 for filing notices indicating if they intend to keep challenging the expertise testimonies of four individuals. Ripple’s attempt to exclude Steven P. Feinstein’s testimony was deemed irrelevant, while plaintiff’s motions to exclude S.P. Kothari and M. Laurentius’ testimonies were also declared moot.

In the case of Zakinov vs. Ripple Labs, Magistrate Judge Robert Illman was assigned to handle the dispute between the parties based on the decision of Judge Hamilton. Judge Torres in the Southern District of New York had previously ruled in favor of Ripple with regards to the summary judgment on XRP‘s programmatic sales. The plaintiffs were unable to prove that XRP qualifies as a security, as their profits depended on Ripple’s actions.

XRP Price Trades Under $0.45 Ahead Judge Torres’ Final Judgment

During the crypto market downturn, both whales and investors disposed of XRP. However, the price has bounced back, reaching a peak of $0.438 in the past 24 hours, marking a nearly 5% increase. The price surge occurred with minimal trading activity, as large XRP holders (whales) and prominent investors like Bill Morgan continued to amass XRP.

At the current moment, the cost of XRP is sitting at $0.436 following a recovery from its 24-hour low of $0.4195. Notably, when the price dipped under $0.40, trading activity surged with approximately $132 million worth of transactions taking place within an hour, suggesting a strong bullish attitude towards XRP.

The XRP community is currently in anticipation of Judge Torres’ ruling regarding penalties and injunctions during the remedies stage in the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC). Legal representatives from both parties believe a judgement will be handed down by the end of July.

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2024-07-06 18:22