The Ripple vs. SEC case has been going on for a decade and is still going on, even though Ripple recently decided not to appeal. Many in the XRP community had hoped this would signal the end of the legal battle, but experts now say that a final resolution could still take several weeks, or even longer.
However, following the news of Ripple dropping the case, XRP gained 5% jump, while as of now it is down again, as there is still no clarity if the SEC will also drop the appeal.
While the community has high hopes from the SEC dropping the case, the lawyer says there is more to the story. Here’s the latest update on the much awaited Ripple vs SEC case.
Appeal Dismissal Process Not Instant
Former SEC attorney Marc Fagel has clarified that the process for officially dismissing the SEC’s appeal is not immediate. The SEC first needs to vote internally to proceed with the dismissal. After that, both Ripple and the SEC must submit the necessary paperwork to formally dismiss their respective appeals. Only once these steps are completed will the district court’s earlier ruling fully go into effect.
This procedural backlog means the outcome of the case is still pending, and there is currently no confirmed timeline. While there’s a chance the process could be expedited, Fagel suggested that “several weeks” is a more realistic expectation.
Adding to the speculation, an upcoming closed-door SEC meeting scheduled for July 3 has stirred fresh hopes within the XRP community. Some believe this meeting could mark a turning point, potentially leading to the final dismissal of the case against Ripple.
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The meeting’s agenda includes case resolutions, which has fueled optimism that the SEC might vote to close the Ripple case during this session. However, experts familiar with SEC procedures have cautioned that such meetings are routine and occur weekly, meaning it’s unlikely to be a special session focused solely on the Ripple lawsuit.
What’s Next for XRP Price?
Despite the legal uncertainty, XRP’s market sentiment remains cautiously optimistic. Traders and investors are keeping a close watch on any signs of closure, especially since legal clarity could have a major impact on the asset’s long-term price action.
In the meantime, the XRP community continues to wait for formal updates from both Ripple and the SEC, with hopes that a resolution will finally bring an end to one of crypto’s longest-running legal battles.
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FAQs
No, despite Ripple dropping its cross-appeal, the lawsuit is not officially over. Former SEC attorney Marc Fagel clarifies that the SEC still needs to vote internally to dismiss its appeal, and both parties must then submit formal paperwork. Only after these steps will the district court’s earlier ruling fully take effect.
There is no confirmed timeline for a final resolution. While the process could be expedited, former SEC attorney Marc Fagel suggests that “several weeks, or even longer” is a more realistic expectation for the SEC to complete its internal vote and for both parties to file the necessary dismissal paperwork.
Despite the lingering legal uncertainty, XRP’s market sentiment remains cautiously optimistic. Traders and investors are closely monitoring for any signs of final closure, as regulatory clarity is expected to have a major positive impact on XRP’s long-term price action and adoption.
