XRP Lawsuit Update: Ripple Optimistic About Ruling in Remedies Phase of SEC Lawsuit

Ripple is optimistic about the remedies phase of its lawsuit, believing that the central ruling—that XRP is not a security—will remain unchanged. This confidence follows Ripple’s major win against the SEC last year, which clarified regulatory issues for XRP. The much-anticipated closed-door meeting, initially set for August 7th, has been rescheduled.

Will this delay bring us closer to a settlement or push it further away?

Ripple Remains Confident!

In its recent Q2 2024 XRP Markets Report, Ripple expressed hope for a positive outcome. On July 13, the company celebrated the first anniversary of its significant legal victory over the SEC, highlighting its importance for the industry. Ripple is optimistic that the judge will uphold the ruling that XRP is not a security during the remedies phase. Additionally, Ripple won a legal battle in California, where a class action lawsuit was dismissed, strengthening its position.

Settlement Rumors Heat Up

Rumors about a possible settlement in the XRP lawsuit are growing. While some experts doubt this, a pro-XRP lawyer has suggested a date for the remedies phase ruling. Ripple has also pointed out the importance of the 2024 U.S. elections for the crypto industry. The company’s $25 million donation to Fairshake shows its commitment to clear regulations.

The next closed-door meeting is scheduled for August 7th; if it happens, it could end the current market speculation.

A Look at the Global Regulatory Progress

This year, Ripple has made significant progress in global regulations. The SEC’s closure of its Ethereum 2.0 investigation was a win for the industry. Regulators in Hong Kong, Brazil, the UAE, and Europe are also working on creating frameworks for crypto hubs. The UAE Central Bank’s Payment Token Services Regulation and Europe’s MiCA regulation on stablecoins are key developments.

Ripple reported its XRP holdings for Q2 and explained that it only has access to XRP through monthly escrow releases. As of June 30, 2024, Ripple owned 4.68 billion XRP and had 39.5 billion XRP in on-ledger escrow. Despite Ripple’s reassurances, XRP’s price dropped nearly 3% to $0.5634 due to the release of 500 million XRP and ongoing lawsuit rumors.

The Vision for XRP: What Lies Ahead?

Ripple CEO brad garlinghouse brad garlinghouse Brad Garlinghouse is the CEO of the financial technology company Ripple Labs, in 2012 by Chris Larsen and Jed McCaleb, and has a headcount of 1,120. It is a financial technology business that specializes in blockchain technology and the cryptocurrency XRP, founded by Brad Garlinghouse. He also played a unique and significant role in creating an advanced cross-border payment using blockchain technology. He is an extremely popular person across the globe in the crypto landscape. Brad has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. Joined Ripple as COO.  He was promoted to be the CEO in December 2016. Initially, he worked at AOL and Yahoo! where he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo Courier divisions. While at Yahoo, he also wrote an inner updated version known as the Peanut Butter Manifesto, requiring the organization to zero in on its core business instead of expanding itself. He is one of the Top Speakers in the Crypto and Blockchain field, where he shares the knowledge and evolvement of the technology in the current space    Quick Facts Full Name Bradley Kent Garlinghouse Birth 06-02-1971, in Topeka, Kansas Nationality American Education Bachelor's degree in Economics, MBA from Harvard Business School. Net Worth $10B (Refer here)   Ripple's native token, XRP is among the top digital assets. As per CoinGape, Brad's company has $100 billion worth of XRP tokens in its reserve. This will help further innovation in Web3 and blockchain projects. As per reports surfing on Binance’s blog, Brad Garlinghouse may step down as CEO of Ripple to join the Crypto Advisory Council, which is led by President Trump. This significant event will boost the adoption of decentralized finance and blockchain growth.   Brad Garlinghouse: Trivia 2007: Served as Senior VP at Yahoo!, heading communications and consumer products. 2012: Became CEO of Hightail, leading digital file-sharing innovations. 2015: Joined Ripple as COO to push blockchain adoption in cross-border payments. 2017: Became CEO of Ripple, driving XRP adoption and blockchain partnerships. 2020: Led Ripple’s defense against the SEC lawsuit over XRP’s security status. 2021: Expanded Ripple’s ODL (On-Demand Liquidity) network for global crypto payments. 2023: Got a partial success against the SEC, declaring XRP as not a security. 2024: Continue leading Ripple in CBDC collaborations and global blockchain finance. 2025: May join Trump's Crypto Advisory Council to set regulations.   Notable Works & Achievements by Brad Garlinghouse Year Achievements Details 2003 Wrote the 'Peanut Butter Manifesto' at Yahoo! Highlighted Yahoo!'s lack of focus in operations. 2015 Joined Ripple as Chief Operating Officer Took measures to integrate blockchain technology into banking systems. 2017 Appointed CEO of Ripple Expanded Ripple's global partnerships, enhancing cross-border payment solutions. 2020 Named in Forbes' List of Wealthiest in Cryptocurrency Recognized for significant contributions to the crypto industry. 2023 Legal Victory in SEC vs. Ripple Case Achieved a favorable ruling impacting cryptocurrency regulations.   EntrepreneurInvestorChief Executive OfficerBoard Member has noted that XRP has performed well despite legal challenges, showing strong community and market support. He believes a favorable legal resolution will strengthen XRP’s position and create new growth opportunities. Garlinghouse predicts the crypto market could reach a value of $5 trillion by the end of the year and suggests long-term investments rather than short-term trading. This, he says, could increase XRP’s value as the effects of the lawsuit fade.

With Ripple’s Q2 performance and increasing political pressure on the SEC, the future looks promising for Ripple. However, the exact timeline for developments remains uncertain.

Also Check Out: XRP Price Slump Linked To Japan’s Banking Crisis? Read On To Know More 

The future of XRP is in the spotlight. What’s your take? Let’s hear it!