Ripple vs SEC Lawsuit Update: XRP Price Falls 7% as Legal Expert Dismisses New Filing

In the latest chapter of the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Ripple has filed a new letter backing a joint request for an indicative ruling from the court.

This means Ripple and the SEC are asking the judge to give a signal that they can move forward with a settlement while keeping the original court ruling in place. Ripple made it clear they are not asking the court to change the earlier judgment.

In the letter, Ripple said that even if the court removes the specific order requiring them to “obey the law,” the company will still follow all securities laws like any other business. Removing the order wouldn’t excuse Ripple from its legal responsibilities,  the same rules would continue to apply to them and to everyone else in the market.

However, one former SEC lawyer commented that the new letter doesn’t really add anything new to what’s already been submitted. According to Marc Fagel, it feels more like a response to some skeptical voices from the crypto community on social media.

Meanwhile, the XRP price has taken a hit amid the ongoing legal drama. After reaching a daily high of $2.31, the token dropped more than 7% and is now trading at around $2.15. Since May 29, XRP has faced five failed attempts to break through the $2.27–$2.30 resistance zone, with the latest rejection happening on June 16.

Investors and the crypto community are now waiting to see if the court will respond to the joint request and whether a settlement could finally bring this years-long case to a close.