XRP Drops Following Ripple’s Latest Setback in SEC Legal Battle

TL;DR

• US District Judge Analisa Torres has ruled against the SEC and Ripple in their joint motion filed earlier this year.
• The legal case between the two, which started over four and a half years ago, has yet to reach a conclusive end despite Garlinghouse’s announcement in March.

Recall that Judge Torres denied the joint motion filed by the two in May as well and set a new deadline for June 16 by which date Ripple and the agency had to refile by fixing all prior inconsistencies.

However, the latest update on the matter is another disappointment for both sides as the Judge has rejected the joint motion for an indicative ruling.

Ripple and the SEC had reached an agreement between each other, as the company had to pay a relatively minor penalty of $50 million, which is a lot less than what the agency initially sought ($2 billion) or the original ruling ($125 million).

Back in March, Ripple CEO Brad Garlinghouse triumphantly announced that the lawsuit had ended after over four years. However, the case continues, at least for now.

XRP’s price continues to drag as it has failed to capitalize on the overall market improvement in the past few days. The asset is down by over 3% on a daily scale, and trades well below $2.15.