Ripple and SEC Pause Appeal, Wait For Key Ruling on a New Settlement Deal

• Ripple and SEC request delay in XRP lawsuit appeals while awaiting court decision.
• Settlement negotiations involve reduced penalty and potential injunction lift for Ripple.
• XRP price rises 2.60%, with market cap at $132.05 billion and trading volume surge.

The legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has entered a crucial waiting period. Both parties have filed a joint status report requesting a delay in the formal appeals process as they await a key decision from the district court on a revised settlement agreement.

The filing, made just before the June 16 deadline, signals a temporary pause in the high-stakes legal saga. It also raises hopes that a final resolution to the multi-year XRP lawsuit could be on the horizon

All Eyes on District Court for Ruling on a Revised Settlement

Ripple and the SEC submitted a joint request to the Second Circuit Court of Appeals on June 12 to keep the appeals process on hold. The reason behind this request is to await a decisive ruling from the district court that could change the course of the case. The two parties are now waiting for the district court’s decision before proceeding with the appeals process, which could have far-reaching consequences for Ripple and the broader cryptocurrency space.

Both Ripple and the SEC are anticipating a potentially game-changing decision, as they have been negotiating a settlement agreement that still requires approval from the district court. In this settlement, Ripple would pay a reduced penalty of $50 million, down from $125 million. If the district court agrees to modify the judgment, it would also lift the injunction against Ripple, allowing the company to move forward without the restrictions that have hindered its operations.

Related: SEC and Ripple File Joint Motion to Dissolve Injunction and Modify $125M Penalty Settlement 

This is the second attempt at a settlement. Earlier this year, Ripple and the SEC reached a preliminary agreement to settle the case, but the district court rejected the proposed change in May, stating that the motion lacked sufficient justification for modifying the final judgment.

The June 12 filing is an attempt to address those concerns and provide additional reasons to support the settlement. If the district court approves the motion, both parties would then ask the Second Circuit to issue a limited remand to finalize the settlement.

Related: One Week After Settlement Snag, Ripple And SEC Yet To File Correction As XRP Market Waits

XRP Price Shows Strength Amid Growing Legal Optimism

The XRP price has shown positive momentum in recent days as legal optimism grows. As of the latest data, XRP’s price has increased by 2.60% to reach $2.24, after peaking just above the key $2.27 level. The cryptocurrency’s market capitalization stands at $132.05 billion, with a 185.33% increase in trading volume, reflecting strong investor activity.

The cryptocurrency’s market capitalization now stands at $132.05 billion. Its 24-hour trading volume has also seen a massive 185.33% increase, reflecting strong investor activity and speculation surrounding a potential end to the lawsuit.