 
 
The crypto market rebounded on Thursday, with Ripple-promoted XRP cryptocurrency jumping from $2.91 to as high as $3.04, according to crypto data provider CoinGecko.
XRP’s upward momentum comes amid bullish macro developments in the Ripple ecosystem. ZyCrypto reported earlier that Japan’s financial giant SBI Holdings has filed for a dual Bitcoin-XRP ETF. In addition, the U.S. Securities and Exchange Commission (SEC) is set to vote on dismissing Ripple’s appeal.
Here’s What’s Next For XRP Lawsuit
In June, Ripple CEO Brad Garlinghouse announced that the company was planning to drop its cross-appeal in the protracted lawsuit over XRP’s non-security status, with the SEC expected to withdraw its own appeal.
Commenting on the situation, ex-SEC regional director Marc Fagel noted that there’s nothing for the courts to do at this moment.
“The appeal is on hold pending an 8/15 status report; if Ripple and the SEC dismiss their appeals by then, it’s essentially over; if they don’t, the appeals remain active,” Fagel added.
 
The Securities and Exchange Commission is scheduled to deliberate Ripple’s decision to dismiss its appeal at 03:00 UTC on August 7, ahead of a 15 August deadline to report to the appeal court on the status of the appeals.
While both Ripple and the SEC already signed a conditional settlement agreement that called for both their respective appeals to be withdrawn, the conditions were not satisfied. “Until the appeals are dismissed, both Ripple and SEC appeals remain formally on foot,” said Bill Morgan, a pro-crypto lawyer tracking the case.
The legal dispute between Ripple and the SEC has been going on for years as both parties have tried to bring an end to the case. In 2020, the SEC charged Ripple and two executives with raising $1.3 billion through an unregistered securities sale of the XRP cryptocurrency.
Back in July 2023, US District Judge Analisa Torres ruled that Ripple’s programmatic sales did not break securities laws. She did, however, rule that direct XRP sales to institutional investors qualified as securities — which resulted in a $125 million fine for Ripple.
Judge Torres recently rejected a joint bid from both Ripple and the SEC to dissolve an injunction and allow the blockchain payments firm to pay just $50 million to end the dispute, with the remaining $75 million in fines returning to Ripple after sitting in escrow.
Source: https://zycrypto.com/xrp-regains-perch-above-3-as-crucial-date-in-ripple-vs-sec-case-approaches/