It has been four years since the legal battle between XRP and the SEC started. For a minute, everyone thought the struggle was over, and the legal battle between these two would finally rest. However, that did not happen, and the battle ensued.
District Judge Analisa Torress rejected the request for a middle ground, stating that the procedure was essentially improper. The news hit the blockchain like a truck, and the token’s prices immediately dropped 6%.
Implications of The Announcement
Moreover, the predictive study predicting whether XRP would hit another ATH has drastically sunk to 42% from a record 63%. This immediately sent shockwaves across the blockchain and led to internal intervention.
Ripple’s Chief Legal Officer said, “Nothing in today’s order changes Ripple’s wins… this is about procedural concerns with the dismissal of Ripple’s cross-appeal.” On the other hand, crypto attorney John Deaton claims that this ruling was unexpected and a curveball.
The case is not only long but has also played a crucial role in the history of the landscape itself. In many ways, the SEC vs. XRP marked the beginning of a real and proper legal battle, which served as a model for future proceedings.
However, things blew up just when they were about to be resolved, and the proceedings returned to square one. Hence, the investor’s hope of capitalizing on the renewed price rally caused by this announcement was quashed.
