Nov 14, 2024
6thTrade
Ripple has scored a major legal victory in the ongoing XRP lawsuit, with a U.S. court ruling in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. This recent win has narrowed the scope of class claims, providing a positive boost for Ripple as it pushes for regulatory clarity in the cryptocurrency space. Judge Phyllis Hamilton granted Ripple’s motion for final judgment on settled class claims, effectively limiting the scope of the case. A trial date has been set for January 21, 2025.
Key Developments in the Ripple Lawsuit
The joint motion filed by Ripple and the plaintiffs sought a final judgment on settled class claims, along with a pause on remaining claims until appeals are resolved. Judge Hamilton’s ruling addressed key class action claims regarding unregistered securities sales and Ripple’s potential “control person” liability, also pausing prior pretrial deadlines. The court’s decision to streamline the legal process aligns with Ripple’s push to resolve the case faster, and Judge Hamilton has encouraged both parties to explore alternative dispute resolutions.
Implications for the Ripple vs. SEC Case
This ruling may strengthen Ripple’s position in its separate legal battle with the U.S. Securities and Exchange Commission (SEC), which has accused Ripple of violating federal securities laws. Legal analysts speculate that Ripple’s recent victory could increase confidence in its stance, potentially paving the way for a more favorable outcome against the SEC. This case is also gaining attention amid hints from former President Trump about increasing regulatory clarity and replacing SEC Chair Gary Gensler with a pro-crypto leader.
Market Sentiment and Potential XRP Price Impact
Ripple’s win has improved sentiment around XRP, potentially leading to positive price movements as the trial date approaches. Pro-XRP attorney James Murphy (MetaLawMan) believes Gensler could step down as early as this month, which, if followed by a pro-crypto appointment, could drive significant market growth. With rising stakes, Ripple’s legal progress marks a significant shift in the crypto industry’s regulatory landscape, and its victory could prove pivotal for the future of crypto.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
