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

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Elena R

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 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!

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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