The long-running Ripple vs SEC case took another turn this week after Judge Analisa Torres denied a joint request from both Ripple and the SEC for what’s called an “indicative ruling.” In simple terms, both sides were hoping the judge would signal a possible change or reconsideration of her earlier decision. But Judge Torres made it clear she’s not reopening or adjusting anything for now. The case will continue as planned in the appeals process.
While the news might seem like a setback for Ripple, legal experts say it’s unlikely to affect XRP’s presence on the secondary market or any upcoming ETF approvals.
Attorney Fred Rispoli explained that the existing injunction against Ripple only matters if the SEC actively decides to enforce it. Right now, there’s no sign that’s going to happen. The judge herself acknowledged in her ruling that unless the SEC pushes the issue, it won’t interfere with XRP’s market activity.
Rispoli also said that, technically, the SEC holds the authority to grant Ripple the exemptions or waivers needed to clear any restrictions related to the injunction, including those tied to an eventual IPO or ETF listing. From what he’s seen in legal records, there’s no hard rule stopping the SEC from doing this if it chooses.
Despite the ongoing legal back-and-forth, market sentiment around an XRP ETF remains strong. Bloomberg recently increased XRP’s chances of securing ETF approval in 2025 to 85%. The main reason behind this is the rising value of XRP and strong interest from both institutional investors and retail traders.
The regulatory clarity is finally starting to take shape in the U.S. crypto space and XRP could be next in line once its legal uncertainties settle.
Even though the Ripple vs SEC case isn’t over yet, this latest delay isn’t expected to block or slow down ETF plans for XRP. As long as the SEC doesn’t aggressively enforce the injunction, XRP trading and potential ETF discussions will likely continue moving forward.
While the denial creates a procedural hurdle, legal experts still believe it won’t directly block XRP ETF approvals. The injunction primarily impacts Ripple’s institutional sales, not secondary market trading or ETF listings.
Attorney Fred Rispoli states the existing injunction only matters if the SEC actively enforces it, which appears unlikely. The judge’s ruling noted the SEC hasn’t pushed the issue, suggesting minimal impact on XRP’s broader market activity.
Future court rulings, particularly in the appeals process, could either solidify XRP’s non-security status (boosting sentiment) or potentially reintroduce regulatory uncertainty if the SEC’s appeal on programmatic sales succeeds, impacting the market.
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