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Ripple and US SEC File Stipulation, Appeals Opening Brief Looms
XRP lawsuit: In the latest update regarding the long-running legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs, the parties have filed a stipulation, defense attorney James K. Filan revealed on Wednesday.
The attorney noted that both parties had submitted a stipulation while agreeing to file a deferred appendix. Amid this development, XRP price is also up by 11.52% with bulls now eyeing a breakout past $3.
XRP Lawsuit and Cross-Appeals Timeline
Providing the recent updates in the ongoing XRP lawsuit and cross-appeals, defense attorney James K. Filan said both parties have submitted a stipulation agreeing to file a deferred appendix for the cross-appeals 21 days after the appellee’s opening brief is served.
Additionally, attorney James Filan has also confirmed that the U.S. Securities and Exchange Commission (SEC) needs to file its opening brief by the stipulated deadline, scheduled for tomorrow. The official filing document reads:
“IT IS HEREBY STIPULATED, CONSENTED, AND AGREED by and between the undersigned counsel for the parties that the parties will file a deferred appendix for this appeal and cross – appeal pursuant to Fed. R. App. P. 30(c) and L.R. 30.1(c)”.
Commenting on this filing, Sherrie who closely follows the case noted: “What this means: parties will file a single combined appendix that only includes the information referenced in the briefs later on. This doesn’t change anything regarding the briefs that are yet to be filed”.
With the start of 2025, another Ripple lawsuit has seen some key developments. Last week, Senior District Judge Phyllis J. Hamilton granted the defendants’ motion to seal confidential documents from public access in the In re Ripple Labs Litigation. Ripple and CEO Brad Garlinghouse filed a request to seal eight exhibits submitted as part of their motion for summary judgment in the ongoing XRP lawsuit.
All Eyes on SEC’s Opening Brief
Last year in 2023, the court announced that Ripple needs to pay $125 million in settlement charges to the US SEC, much lower than the $2 billion demanded by the securities regulator. The securities regulator will file a brief by the January 15 deadline while appealing the court ruling in XRP Lawsuit.
Investors have been accumulating XRP, driving its token price higher as anticipation builds ahead of the SEC’s appeals brief. The brief’s filing deadline is seen as a potential near-term catalyst for XRP’s price movement. commenting on today’s XRP move, lawyer Bill Morgan stated that the market is already reacting positively to SEC’s opening brief.
What the market thinks about the SEC filing its appeal opening brief tomorrow. pic.twitter.com/3WbcT9UL6I
— bill morgan (@Belisarius2020) January 15, 2025
XRP Price Jumps Amid Latest Update on Ripple Lawsuit
Ripple’s native cryptocurrency XRP has spurted in action gaining 11.5% in the last 24 hours now trading at $2.82. The daily trading volumes have also surged by 12% to over $11.5 billion showing strong support for the bullish momentum to continue. As per the Coinglass data, the XRP open interest has surged by 21% while the 24-hour liquidations have surged to $14 million of which $10 million is in short liquidations.
The XRP price hits fresh highs on the monthly chart, amid strong accumulation by whales holding anywhere between 1 million to 10 million XRP. These large-scale investors have increased their holdings by over 37% in the past two months, adding approximately $3.8 billion worth of XRP since November 12, 2024. This trend underscores robust market confidence and heightened demand for the Ripple cryptocurrency.
On the other hand, XRP Ledger is seeing strong demand due to its potential applications in banking and financial transactions. The demand is likely to surge following the expected settlement of the XRP lawsuit during the Trump administration.
Furthermore, banking giant JPMorgan hinted at the possibility of an XRP ETF approval this year in 2025, while expecting nearly $8 billion in inflows during the first year of approval.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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