Settlement Denied: XRP Drops After Ripple Hits Legal Roadblock
Summary
Ripple's attempt to settle its case with the US Securities and Exchange Commission (SEC) was rejected by a federal judge due to improper filing. Judge Analisa Torres ruled that Ripple and the SEC did not demonstrate "exceptional circumstances" required under Rule 60 to revisit a final order, leading to the dismissal of their motion to reduce a $125 million fine to $50 million. Both parties must now refile their motion correctly, which may delay any settlement until late summer or later. Following the news, XRP's price dropped by 2.5%, and open interest fell by 9%. Ripple's chief legal officer stated that previous court victories remain intact, emphasizing that this setback pertains only to procedural issues.
