XRP Price Falters As Ripple & SEC Files for Settlement, Here’s Why

XRP price fell 7% over the last 24 hours as Israeli airstrikes targeted Iran’s nuclear facilities, causing a broader crypto market crash.

Moreover, lawyers were worried over the latest joint filing by Ripple and the US SEC requesting Judge Torres to modify the final judgment.

Ripple and the SEC Files Indicative Ruling

According to a court filing dated June 12, the U.S. SEC and Ripple renewed an indicative ruling pursuant to Rules 62.1 and 60(b) of the Federal Rules of Civil Procedure.

The parties requested Judge Analisa Torres to lift the injunction in the final judgment and reduce the penalty to $50 million.

This was the second request by Ripple and the SEC after their joint motion for an indicative ruling was denied by Judge Torres.

She argued that the parties’ motion was “procedurally improper,” stalling resolution of the case.

The parties argued that the settlement, the SEC’s shift in crypto policy, and a desire to avoid further litigation are exceptional circumstances that justify modifying the final judgment. As stated in the filing,

The requested relief reflects a reasonable compromise by all parties to bring this litigation to an end, to avoid litigation risk on appeal, and to avoid the further expenditure of party and judicial resources.

Lawyers Say the Argument Is Weak

Lawyer Fred Rispoli said “I don’t like this filing based on how obvious it was from Judge Torres’ last ruling that she was pissed.” He added,

“I recommended a long, detailed motion explaining the SEC’s failures in crypto regulation (with Commissioner declarations) and some apologies from Ripple for what it got tagged on.”

Moreover, he asserted that Ripple and the SEC cite enough law for the court to grant it, but the discretion is purely on Judge Torres whether to grant it.

“I don’t think this gets it done, sadly,” claimed Rispoli. Judge Torres is expected to reply within 2 weeks.

In response to Rispoli, lawyer Bill Morgan agreed that the argument is not strong. But, he believes Judge Torres may grant the motion, citing she may also want the litigation to end after both parties want to settle.

Moreover, he added that if the motion is not granted and there’s no new settlement agreement, then the appeal and cross-appeal will continue in 2nd Circuit.

Legal expert Sherrie also sided with Fred Rispoli, saying,

“While I feel there is a slightly higher chance she’ll come back with something more positive – I am more concerned than I was before.”

If it is denied again, Ripple must then decide if they wish to continue with their cross-appeal in 2nd Circuit or not.

XRP Price Falls Below Support at $2.20

XRP price fell 7% on Friday amid geopolitical tensions, a new Trump tariff plan, and options expiry. At the time of writing, the price was trading at $2.13, slightly rebounding as some investors buy the dip. The 24-hour low and high are $2.09 and $2.26, respectively.

Furthermore, the trading volume has increased by 45% in the last 24 hours, indicating that traders have moved to change their positions.

The prices have continued to tumble since Judge Torres denied the motion to resolve the lawsuit. With lawyers pessimistic about the latest approval of Ripple and the SEC’s new request, XRP price continued to move under pressure.

CoinGlass data indicated a 5% drop in the total XRP futures open interest to below $3.90 billion. XRP futures OI on CME and Binance dropped 7% and 5%, respectively.

Analysts still target a massive rally above $2.33, which could trigger an upside move to $3. Analyst EGRAG CRYPTO predicted a bullish breakout in XRP price by mid-June 2025, resulting in a final rally phase by September.