Ripple CEO: ‘Chapter Closed’ as XRP Rises 5% on SEC Appeal Withdrawal
Judge Analisa Torres has denied a joint motion filed by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. Ripple CEO Brad Garlinghouse has revealed that they would drop their cross appeal, hoping the SEC does the same to “close the chapter”. CNF recently reported in a thorough update that the United States Securities and Exchange Commission (SEC) and Ripple Labs have filed a joint motion at the Manhattan federal court to reverse an order that defines the main sales of XRP and reduce the $125 million civil penalty imposed for breaching federal securities laws. In that filing, $50 million of the amount held in escrow was proposed to go to the SEC, while $75 million was to be returned to Ripple.
Judge Analisa Torres has, in a recent ruling, denied this joint motion. According to the judgment, both parties failed to prove the “remarkable circumstances” required to leave a final judgment. Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, highlighted that the case could likely be extended if the judge rules against the joint motion. The case might end quickly if the SEC approves the indicative judgment and the settlement. Ripple CEO Brad Garlinghouse hints that the SEC is expected to drop their appeal to “close the chapter” and focus on building the “Internet of Value.”
XRP recorded a 5% surge on its daily price chart, moving from $2.0 to $2.2. At the time of writing, the price had dipped slightly to trade at $2.19 with a 24-hour trading volume of $3 billion. Analysts predict XRP’s value could double to reach $5.5 or even $15 based on technical and market cap multiplier models.
