Ripple XRP Lawsuit: Court Sets Deadlines For Motions And Hearings

Ripple XRP Case Update: After the latest order issued by the court in which it granted in part and denied in part the motion for summary judgment, a district judge referred the lawsuit for settlement and set dates for motions. The judge indirectly sided with the SDNY court’s ruling that XRP programmatic sales are not securities.

Ripple Lawsuit Set for Further Proceedings

The court has announced dates for further motions and hearing on unresolved claims in class action, including a misleading statement made by Ripple CEO Brad Garlinghouse regarding his “long” position on XRP, according to the latest filing in the court.

Judge Phyllis Hamilton has set a July 8 deadline to file the narrowed motion to seal. The court will issue a separate order on the narrowed motion to seal.

Moreover, the judge gave the parties 28 days until July 26 to file a notice indicating whether they continue to seek the exclusion of four experts’ testimony. Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.

This Zakinov v. Ripple Labs case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.

Also Read: Nvidia Lawsuit — Chipmaker Agrees With Court Set Date Amid Legal, Market Headwinds

XRP Price Trades Under $0.45 Ahead Judge Torres’ Final Judgment

Whales and investors sold XRP amid the crypto market crash. XRP price has now recovered to hit a 24-hour high of $0.438, up more than 3% in the last 24 hours. The upside momentum came with a jump in trading volumes amid whale accumulation and buying by investors such as pro-XRP lawyer Bill Morgan.

At press time, XRP price is trading at $0.436 after rebounding from the intraday low of $0.404. Massive buying by whales was witnessed, indicating a bullish sentiment on XRP.

XRP community now awaits Judge Torres’ decision on penalties and injunction in the remedies phase in Ripple Vs SEC lawsuit. Lawyers claim a verdict is expected by July-end.

Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds