The ongoing XRP lawsuit has taken a new turn as a US court urges Ripple Labs, its CEO Brad Garlinghouse, and XRP II LLC to consider an alternative resolution. This court order highlights the complexities surrounding Ripple’s case with the SEC and could affect the trajectory of the class action lawsuit. Here’s a look at the current status of the XRP lawsuit and its implications for Ripple, XRP, and the broader crypto landscape.
Ripple Urged to Consider Alternative Settlement in XRP Lawsuit
In the latest development in the XRP lawsuit, the US court has advised Ripple Labs, Brad Garlinghouse, and XRP II LLC to explore alternative settlement options. This includes potentially filing a voluntary dismissal without prejudice of remaining individual claims, allowing for a possible re-filing depending on the outcome of the class action appeal concerning securities law violations. The court’s directive requests a response on this alternative by November 4, 2024, with an amended proposal if the parties are agreeable.
Ripple’s Motion for Final Judgment and Stay in XRP Lawsuit
Ripple and lead plaintiff Bradley Sostack jointly requested a final judgment on the plaintiff’s class action claims in the XRP lawsuit. They also sought a stay on state law claims related to securities violations until the resolution of these class claims. Despite an unsuccessful settlement conference, the pretrial conference for the XRP lawsuit remains scheduled for December 19, with jury selection and trial set for January 21, 2025.
Judge Hamilton’s Recent Rulings Support Plaintiffs in XRP Lawsuit
In the XRP lawsuit, Judge Phyllis Hamilton ruled in favor of plaintiffs in four Daubert motions, marking a significant win for the plaintiffs. This decision primarily benefits the lead plaintiff and class action participants, strengthening the case against Ripple Labs regarding alleged securities law violations associated with XRP sales.
Ripple vs SEC: Appeals Set in Second Circuit Court
The Ripple vs SEC case is also moving forward in the U.S. Second Circuit Court of Appeals. Both Ripple and the SEC have filed the necessary appeals paperwork, with the SEC pushing for a deadline of January 15, 2025, to submit its main brief. Ripple executives Brad Garlinghouse and Chris Larsen have enlisted top attorneys for the appeal, aiming to overturn the securities law violation charges.
XRP Price Remains Unaffected Despite Legal Updates
Despite ongoing developments in the XRP lawsuit, XRP price has remained around $0.514, trading below $0.52 as it continues to face resistance. Following a 17% drop last month, the price has stabilized, though bullish trends in the broader market have yet to impact XRP price. The derivatives market, however, is seeing increased open interest, hinting at continued buying interest from investors.
Source: https://cryptoticker.io/en/xrp-lawsuit-news-ripple-consider-alternative-resolution/