XRP Falls 6% As Ripple vs SEC Case Sees Major Setback From Latest Ruling

A new procedural development has stalled the anticipated resolution in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc.As reported by crypto analyst Amelie (@_Crypto_Barbie), Judge Analisa Torres has formally denied the parties’ joint motion for an indicative ruling, citing procedural impropriety.Despite a mutual agreement between Ripple and the SEC to resolve the case, the court emphasized that it lacks jurisdiction due to the ongoing appeal before the Second Circuit.The motion, filed under Federal Rule of Civil Procedure 62.1, requested that the court dissolve the injunction against Ripple and reduce the $125 million civil penalty to $50 million. However, Judge Torres ruled that even if jurisdiction were restored, the court would still deny the motion.In her order, she stated, “If jurisdiction were restored to this Court, the Court would deny the parties’ motion as procedurally improper.” RIPPLE VS. SEC NEWS:JUDGE TORRES HAS DENIED THE PARTIES‘ MOTION FOR AN INDICATIVE RULING.“IF JURISDICTION WERE RESTORED TO THIS COURT, THE COURT WOULD DENY THE PARTIES‘ MOTION AS PROCEDURALLY IMPROPER!” #XRP pic.twitter.com/ORtz1nK4aK— Amelie (@_Crypto_Barbie) May 15, 2025Settlement Agreement Rejected on Technical GroundsThe SEC and Ripple executed a settlement agreement on May 8, 2025. The terms included vacating the injunction issued in the Final Judgment and reducing the civil penalty by sixty percent, conditioned on court approval. The parties submitted a joint motion for an indicative ruling to allow the Second Circuit to consider remand, which would have permitted Judge Torres to act on the agreement.Judge Torres, however, concluded that the motion improperly sought “settlement approval” when the proper procedure required relief under Federal Rule of Civil Procedure 60. The court noted that the parties failed to address the legal burden necessary to justify vacating the injunction and modifying the penalty.Specifically, the request did not satisfy the high threshold required under Rule 60, which demands a showing of exceptional circumstances. Furthermore, the motion did not cite Rule 60 at all.We are on twitter, follow us to connect with us :- @TimesTabloid1— TimesTabloid (@TimesTabloid1) July 15, 2023What’s Next for Ripple and XRPXRP reacted negatively to this ruling, falling 6.6% over the past 24 hours to $2.39. This comes shortly after a notable recovery that sent the asset above $2.6.Stuart Alderoty, Ripple’s Chief Legal Officer, responded by clarifying the scope of the ruling. According to Alderoty, “Nothing in today’s order changes Ripple’s wins (i.e., XRP is not a security, etc).” He emphasized that the issue is procedural and tied to the dismissal mechanics of Ripple’s cross-appeal, not a reversal of any substantive legal victories.The ruling from July 2023 and the final judgment issued in August 2024 remain in effect. However, the SEC’s appeal and Ripple’s cross-appeal remain pending before the Second Circuit, and both parties must now seek a formal remand from the Second Circuit before the proposed agreement can be considered.Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.Follow us on X, Facebook, Telegram, and Google NewsThe post XRP Falls 6% As Ripple vs SEC Case Sees Major Setback From Latest Ruling appeared first on Times Tabloid.