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Highlights
- Judge grants order on motion to speed up final judgment in XRP lawsuit.
- The court affirms the order in favor of defendants Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse.
- Ripple executives are upbeat on resolution of the lawsuits.
- Analysts predicts a bullish price target for XRP amid potential end of SEC lawsuit.
XRP Lawsuit: In a major development in the In re Ripple Labs Inc Litigation, the court has granted an order to speed up judgment in the case. The order came in response to a motion to amend an earlier decision by a judge on judgment and stay in the long-running case.
XRP Lawsuit Nears Resolution As Court Grants Order
The court has granted the motion to amend the order pertaining to judgment and stay in the XRP lawsuit, as per the latest California district court filing. Both parties submitted a proposed order to the court, agreeing that there was no reason to delay judgment as class claims were resolved.
Plaintiff requested the court to make an “express finding in an amended judgment” to avoid any uncertainty about the finality of the judgment. However, a claim for relief against Ripple and other defendants remains ‘stayed’ until the final resolution of appeals in the XRP lawsuit.
“Within 30 days after final resolution of the appeal of the class claims, the parties shall file a joint motion to lift the stay on the docket in this case,” as per the filing.
In addition, Ripple filed a bill of costs, a declaration of Litigation Director Ana Guardado, and 65 exhibit documents on details of litigation costs, lawyer expenses, and other details leading to the court order.
Court Ruled In Favor of Ripple, CEO Brad Garlinghouse
As reported by CoinGape, Judge Phyllis Hamilton granted a joint request by both parties to proceed for final judgment and a stay on the plaintiff’s class claims. The court affirms the judgment in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse.
Earlier, the court also recommended the parties to consider an alternative resolution to the ongoing dispute related to an individual claim. The trial date is set for January 21, dismissing attendant pretrial dates. The court will declare new dates after the resolution of any or all appeals of the class claims.
XRP Lawsuit To End Similar to Ripple Vs SEC Case?
The class action lawsuit approaches the end as the plaintiffs’ primary concerns were mostly related to loss in XRP. However, the latest 200% rally in XRP price to a year-to-date high of $1.62 has seemed to fade most concerns.
At press time, XRP price trades at $1.5, up nearly 30% in a week. Trading volume has dropped by 15%, but analysts predict XRP price eyes $13 as per Elliot Wave analysis.
Meanwhile, Ripple executives are upbeat on the dismissal of the SEC lawsuit as the crypto landscape in the US continues to improve. Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion of Ripple vs SEC case in 2025 spring or early summer amid US SEC Chair Gary Gensler’s exit.
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