XRP Lawsuit: Ripple and US SEC File Stipulation, Appeals Opening Brief Looms

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In the recent development of the ongoing court case between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, both sides have submitted an agreement, as announced by Ripple’s legal representative, James K. Filan, on a Wednesday update.

In the course of these recent developments, both parties have put forward an agreement known as a stipulation, intending to postpone the submission of additional evidence. Meanwhile, the price of XRP has surged by 11.52%, and traders are now optimistic about pushing it above $3.

XRP Lawsuit and Cross-Appeals Timeline

In simple terms, during the ongoing XRP lawsuit and appeals process, defense lawyer James K. Filan stated that both parties have mutually agreed to submit their appendix for the cross-appeals 21 days following the service of the opening brief by the appellee (the party against whom the appeal is made). This means they will wait until the opposing side presents their main arguments before they proceed with providing additional supporting documents.

Furthermore, it’s been verified by attorney James Filan that the U.S. Securities and Exchange Commission (SEC) must submit their initial court document, due tomorrow, as previously agreed. The official filing paperwork states this requirement.

In this agreement, both parties’ legal representatives have agreed to submit a delayed appendix for this appeal and cross-appeal, in accordance with Federal Rules of Appellate Procedure 30(c) and Local Rule 30.1(c).

Regarding this submission, Sherrie, an attentive observer of the case, observed: “In other words, the parties will compile a unified appendix with only the mentioned material from their forthcoming briefs. This does not impact the briefs that have not been submitted yet.

2025 saw the progress of another Ripple lawsuit, with significant advancements taking place last week. Senior District Judge Phyllis J. Hamilton approved the defendants’ petition to keep certain confidential documents hidden from public view in the case In re Ripple Labs Litigation. Ripple and CEO Brad Garlinghouse asked for the sealing of eight exhibits that were part of their motion for summary judgment in the ongoing XRP lawsuit, which is still active.

All Eyes on SEC’s Opening Brief

In 2023, the court ordered Ripple to pay a settlement fee of $125 million, which is significantly less than the $2 billion initially requested by the U.S. Securities and Exchange Commission (SEC). The SEC has until January 15 to submit an appeal brief challenging the court’s decision in the XRP lawsuit case.

As a crypto investor, I’ve been observing a growing trend: more and more investors are amassing XRP, which in turn has been pushing up its token price. The increasing anticipation stems from the upcoming filing of the SEC’s appeals brief, an event that many see as a near-term catalyst for XRP’s price action. Bill Morgan, a legal expert, recently commented on today’s XRP move, noting that the market is already showing signs of reacting positively to the SEC’s initial brief.

What the market thinks about the SEC filing its appeal opening brief tomorrow.

— bill morgan (@Belisarius2020) January 15, 2025

XRP Price Jumps Amid Latest Update on Ripple Lawsuit

In the past day, Ripple’s native cryptocurrency, XRP, has seen a significant increase, rising by approximately 11.5%. This places its current trading value at around $2.82. The increased activity has also led to a rise in daily trading volumes, which have jumped by about 12% to exceed $11.5 billion, indicating robust backing for the bullish trend to persist.

According to data from Coinglass, the open interest for XRP has experienced a jump of 21%, while short liquidations in the last 24 hours have surged to $14 million. Notably, $10 million of these short liquidations indicate a strong buy-up trend among investors.

The price of XRP reaches new peaks on its monthly graph, boosted by substantial purchases from ‘whale’ investors owning anywhere from one million to ten million XRP. Over the past two months, these significant players have boosted their holdings by more than 37%, amassing around $3.8 billion in XRP since November 12, 2024. This pattern suggests a solid market trust and growing interest in Ripple’s cryptocurrency.

Conversely, the XRP Ledger is experiencing a significant rise in interest because of its prospective uses within banking and financial exchanges. This interest could spike even further once the ongoing XRP lawsuit is resolved during the Trump administration’s tenure.

Moreover, hinting towards a potential approval of an XRP Exchange-Traded Fund (ETF) by 2025, JPMorgan Chase suggested such a move. They also projected approximately $8 billion in assets flowing into the ETF during its inaugural year following approval.

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2025-01-15 08:42