XRP Lawsuit: SEC Files Settlement Agreement Letter In Ripple Case

The US Securities and Exchange Commission (SEC) and Ripple have taken another step in their long-running legal battle as they look to put the XRP lawsuit to bed. This time, the Commission has filed a settlement letter, asking Judge Analisa Torres to set aside her judgment against the crypto firm.

XRP Lawsuit: SEC Asks Judge Torres To Adopt Settlement Agreement

In a court filing, the SEC requested an indicative ruling from Judge Torres pursuant to its settlement agreement with Ripple. As part of the ruling, the Commission asked that the Court dissolve the injunction it awarded against Ripple in the final judgment in the XRP lawsuit.

The agency also asked that Judge Torres order the release of the $125 million penalty ordered against Ripple from escrow. The SEC would receive $50 million in satisfaction of the monetary judgment, while Ripple would receive the remaining sum.

As CoinGape reported, the Appeal Court had earlier granted the SEC and Ripple’s joint motion to suspend proceedings in the appeal case, while they seek this indicative ruling from Judge Torres in order to finalize the settlement agreement.

Once Judge Torres agrees to grant the demands as requested, both parties will ask the Court of Appeals for a limited remand to seek these reliefs from the District Court.

Upon a grant of this limited remand, the SEC and Ripple will then move to file motions and other necessary documents in the District Court to request that the Court grant the relief. Once the District Court enters these orders, both the SEC and Ripple will file to dismiss their appeal and cross-appeal, respectively, in the XRP lawsuit.

XRP Price Jumps Over 8%

The XRP price has surged over 8% amid this development in the XRP lawsuit, trading at around $2.28. An imminent end to the long-running legal battle provides a bullish outlook for the altcoin, considering that it would bring about market clarity for XRP.

Crypto analyst CasiTrades stated that the $2.25 price level could trigger the breakout. She noted that after bouncing from the $2.08 support, the XRP price has now rallied to retest the major $2.25 macro resistance. The analyst added that this is a critical level that the altcoin has been testing since January.

The analyst remarked that there is a tight range forming just beneath the breakout point and that the next move could be sharp. She also alluded to the Relative Strength Index (RSI), which she claimed is not giving any real clear indication.

However, CasiTrades claimed that Waves are hinting at the volatile nature which has been building over the last few days. With the XRP price breaking above the $2.25 resistance following this development in the XRP lawsuit, it could rally to much higher targets just as CasiTrades predicts.