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

The post XRP Lawsuit Update: Ripple Optimistic About Ruling in Remedies Phase of SEC Lawsuit appeared first on Coinpedia Fintech News

Ripple recently expressed optimism about a “fair” ruling in the remedies phase of the lawsuit, anticipating that the central ruling—that XRP is not a security—will remain unchanged. This confidence comes after Ripple’s landmark win against the SEC last year, which provided regulatory clarity for XRP. The highly anticipated closed-door meeting has been rescheduled to August 7th. Will this delay bring a settlement closer or further away?

Ripple is Confident of a Fair Judgement 

In its recent Q2 2024 XRP markets report Ripple highlighted its belief in a favorable outcome. The company marked the first anniversary of its significant legal victory over the SEC on July 13, emphasizing its importance for the industry. Ripple remains hopeful that the judge will maintain the ruling on XRP’s non-security status in the remedies phase. Plus, Ripple has achieved a legal victory in California, where a class action lawsuit was dismissed, further bolstering its position.

Will this speculation bubble burst? 

XRP Lawsuit settlement rumors are getting intense. Some experts reject this, however, a pro-XRP lawyer indicated a remedies phase ruling date. Ripple has stressed the relevance of the 2024 US elections for the crypto business. Moreover, Political donations like $25 million to Fairshake show the company’s commitment to regulatory clarity. The next closed-door meeting is on Aug 7. If it happens, it might end the speculative market.

Global Regulatory Developments

However, from this year, Ripple has reported global regulatory progress. The SEC’s Ethereum 2.0 investigation closure was another industry win. Hong Kong, Brazil, the UAE, and Europe regulators are also creating crypto hub frameworks. In the Middle East, the UAE Central Bank enacted the Payment Token Services Regulation, and in Europe, stablecoins were regulated by MiCA.

Ripple’s Impressive Q2

Ripple reported its XRP holdings in Q2 and explained that it does not have access to XRP until monthly escrow releases. As of June 30, 2024, Ripple owned 4.68 billion coins, and 39.5 billion in on-ledger escrow. Due to the release of 500 million XRP and lawsuit rumors, XRP’s price dropped almost 3% to $0.5634 despite Ripple’s assurance.

Looking Ahead

Moreover, Brad Garlinghouse, Ripple CEO often claimed that XRP has performed successfully despite legal issues, showcasing community and market support. He thinks a favorable legal resolution will boost XRP’s position and create new growth opportunities. According to him, the crypto market could hit a market value of $5 trillion by the end of the year. He suggests long-term investments instead of trade, which could lead to an increase in the price of XRP as the lawsuit’s effects wear off.

Looking at Ripple’s Q2 and political pressure on SEC the path for Ripple seems clear but when it comes, is to be seen.