- Ripple and SEC filed a joint motion on April 10 to suspend all appeal activities.
- The SEC’s appeal and Ripple’s cross-appeal may end following the final settlement terms.
- XRP price dropped 4.24% to $1.9649, with analysts predicting a potential $27 rally.
Ripple Labs and the US Securities and Exchange Commission have filed a joint motion to suspend all appeal activities. Submitted to the Second Circuit Court of Appeals, this request indicates that both parties have reached an agreement in principle. The motion suggests the case may end without further courtroom confrontation.
The motion, submitted to the Second Circuit Court of Appeals on April 10, aims to suspend all legal proceedings while final settlement terms are ironed out. The SEC must approve the agreement formally, but both sides indicate strong alignment in resolving the matter without continuing litigation.
SEC Appeal Pending: Ripple Cross-appeal Effect
As reported by attorney James Filan, the proposed solution would resolve the SEC appeal, Ripple cross-appeal, and claims against executives Chris Larsen and Brad Garlinghouse. This eliminates the need for any briefs due by the April 16 deadline, allowing time for procedural formalities to unfold over the next 60 days.
The SEC filed its appeal in October 2024, and Ripple cross-appealed afterward. However, that is put on hold by this joint motion, affirming there is a tentative agreement in place between the two parties. While rumors of a settlement have circulated for weeks, this is the first formal acknowledgment in court. The joint motion implies the SEC waited for Commissioner Paul Atkins’ Senate confirmation to avoid political scrutiny from a rushed vote on day one.
Former SEC attorney Marc Fagel suggested that the SEC’s appeal withdrawal might hinge on Judge Analisa Torres revisiting the injunction prohibiting XRP sales to institutions. If she refuses to lift the injunction, both the appeal and cross-appeal could continue.
Ripple dropped its cross-appeal in October when the SEC pledged to drop its lawsuit, which sparked speculations about an approval of an XRP-spot ETF. Such regulatory approval could significantly boost institutional interest and catalyze Ripple’s U.S. expansion efforts by restoring access to previously restricted markets.
XRP Price Outlook Amid Legal Uncertainty
XRP price forecast during Legal Uncertainty XRP registered little price movement, indicating the market had already priced in a desirable outcome. The price fell 4.24% to $1.9649 on April 10, wiping out some of the 14.32% rise from the previous session. Broader market sentiment was down amid tariff concerns and looming recession fears.
According to CoinMarketCap, XRP trades at $2.01, down 0.06%, with daily trading volume totaling $4.14 billion. NYSE Arca’s approval of the Teucrium 2X Long Daily XRP ETF has provided an added impetus in the recent past. Analyst Egrag Crypto believes XRP has the potential to reach $27 on account of macro events and regulatory direction on Ripple’s pioneering settlement.
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