Just when it looked like Ripple SEC case were moving closer to wrapping up their long-running legal battle, Judge Analisa Torres has decided to wait. She officially denied a joint request made by both Ripple and the SEC to get early feedback on a proposed $50 million settlement.
She said, “Come back when the appeal is over.”
So what exactly does this mean?
On June 26, Judge Torres responded to a joint motion by Ripple and the SEC, in which both parties had asked for an “indicative ruling.” Basically, they were asking her for a preview—an early opinion on whether she’d be okay with changing the final judgment once the case comes back from appeal.
Therefore, she denied the motion, saying she can’t comment on penalties while the case is still under appeal.
So while the judge’s decision may feel like a setback, it doesn’t change anything in the legal standing of Ripple or change XRP’s legal status.
Despite initial concerns from the XRP community, legal experts are calling this short-term “FUD” (Fear, Uncertainty, and Doubt). Here’s why:
No new penalties were issued — the ongoing debate between a $50 million and $125 million fine remains unresolved.
XRP’s legal status stays intact — Judge Torres’ 2023 ruling that XRP is not a security in secondary sales still stands.
Settlement still on track — both Ripple and the SEC are still filing jointly, which is usually a good sign of mutual progress.
The case now waits for the appeals process to wrap up, after which Judge Torres can officially make her ruling on penalties.
Meanwhile, all eyes are now on August 15, 2025 — the date when the SEC is expected to file its status report, which could shape the next steps in the Ripple lawsuit.
Following the news, XRP’s price dropped by 4% in the past 24 hours, currently trading around $2.13. Its market cap now stands at $125.76 billion. Meanwhile, the 24-hour trading volume also fell by 6%, settling near $2.66 billion, showing a slight dip in market activity after the court decision.
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