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After Judge Analisa Torres’ recent decision for summary judgment in the US Securities and Exchange Commission (SEC) v. Ripple Labs, the case is referred to Magistrate Judge Sarah Netburn for general pretrial on Monday. The US SEC and Ripple are ordered for settlement conference as XRP sales are not securities on crypto exchanges, but considered securities when sold to institutional investors.
Ripple and US SEC Settlement in 6–8 Weeks?
In the latest court filing in the Court For Southern District of New York, Judge Analisa Torres referred the US SEC v. Ripple lawsuit to Magistrate Judge Sarah Netburn for general pretrial and a possible settlement.
Judge Netburn ordered Ripple and US SEC to agree on three mutually convenient dates to schedule a settlement conference “if they believe it would be productive at this time.”
Moreover, settlement conferences must be scheduled at least 6-8 weeks in advance because the Court has a busy calendar.
“The Court will likely be unable to accommodate last-minute requests for settlement conferences, and the parties should not anticipate that litigation deadlines will be adjourned in response to late requests for settlement conferences.”
Charles Gasparino, senior journalist at FOX Business, remains confident that the US SEC will appeal against Judge Torres’ decision. He tweeted:
Several people who have been trolled by the XRP cultists say they issue death threats, will make up all sorts of lies etc. Sad and scary stuff. And pointless. It won’t stop @SECGov from appealing the @Ripple case, or the court issuing a fine. Certainly won’t bring XRP back to $3
— Charles Gasparino (@CGasparino) July 17, 2023
Meanwhile, Ripple CEO Brad Garlinghouse suggested that the US SEC would be facing a long process in order to appeal against the court’s decision. On the part of the institutional sales, he asserts that the ruling itself called it the smallest piece in the XRP lawsuit.
Some believe US SEC must settle with both Ripple and Coinbase as taking the lawsuits further will have drastic consequences based on precedents in the XRP lawsuit. A settlement may occur on issues such as institutional sales.
Also Read: Crypto Presale Projects For 2023 To Invest
XRP Bound to Rally
XRP price rallied 85% to a high of $0.88 after the summary judgment, but corrected after the US SEC’s possible appeal and some profit taking.
Currently, XRP price is moving sideways in the last 24 hours, with the price trading at $0.74. The 24-hour low and high are $0.71 and $0.76, respectively. Furthermore, the trading volume has decreased by 37% in the last 24 hours.
Also Read: What’s Next for XRP Price After Losing 25% in Correction?
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