It’s been quite a week in crypto law! The Securities and Exchange Commission (SEC) recently decided to drop lawsuits against some big names in the crypto world, like Kraken, Cumberland, and Consensys. This move has everyone wondering: what’s going on with the Ripple case? Interestingly, Ripple remains an exception, and Fox Business journalist Eleanor Terrett hopped on X to offer some thoughts on why the SEC might be taking its time with this particular lawsuit.

So, let’s dive deeper into the Ripple situation and figure out why the SEC chose to handle it differently from the other crypto firms they just let off the hook.

Is the XRP Lawsuit Being Delayed by the US SEC?

Crypto enthusiasts are asking: is the SEC dragging its feet on the XRP lawsuit? According to Fox Business reporter Eleanor Terrett, in a recent post on X, there are reasons for the hold-up. She points out that while the SEC has been dropping cases against other major players, their approach with Ripple, though perhaps unexpected to some, isn’t actually that surprising.

Terrett highlighted that the Ripple case isn’t quite like the others. As she put it, “No Ripple here but I’m not entirely surprised because, again, it is slightly different to these other cases.” She’s essentially saying the XRP lawsuit is in a different league compared to the rest, hinting at unique complications.

What makes the XRP case different? Well, there’s an existing injunction in place. For the SEC to make any headway, they first need to ask Judge Torres to remove this injunction. Only then can they move forward with things like voting on whether to withdraw their appeal and other related legal procedures.

SEC Drops Cases Against Kraken, Cumberland, and Consensys

In a recent update, we learned that the US SEC has officially dismissed the crypto lawsuits against Kraken, Cumberland, and Consensys. This wasn’t just a random decision; it followed a ‘joint stipulation’ filed with each company, agreeing to dismiss the cases ‘with prejudice.’ Legalese alert! This basically means these cases are closed for good and can’t be brought back again.

Interestingly, these crypto companies are walking away without any financial penalty. By dropping the lawsuits, the SEC seemed to signal that these cases weren’t worth pursuing further. However, the regulator made it clear that this dismissal doesn’t mean they’ve changed their stance on the core issues at play in these lawsuits. In other words, they’re still watching the crypto space closely.

Just as Terrett pointed out, these dismissed cases have no bearing on the XRP lawsuit. That case is still on its own track, which seems to involve a more drawn-out process, possibly leading to further delays. For the Ripple settlement to move forward, there are specific steps to take, including that SEC request to lift the injunction and the vote on withdrawing the appeal. It’s a bit of a legal maze!

On a brighter note, attorney Fred Rispoli recently offered a potential timeline for wrapping up the Ripple case. He suggests we could see the end of this lawsuit within the next two months – fingers crossed!

How Does This Ripple Lawsuit Delay Affect the Price of XRP?

With all this uncertainty and the drawn-out timeline of the Ripple settlement, the price of XRP has been feeling the pressure, facing some significant corrections. Currently, XRP is trading around $2.21, having dropped by 5.38% just today. Looking at the bigger picture, it’s down 6.7% over the last week and 2.2% over the past month.

Despite the price dip, it’s not all doom and gloom for XRP. There’s still a sense of optimism among investors, perhaps shown by a hefty 17.6% jump in trading volume, now at a massive $3.85 billion. This positive trading activity is fueling some pretty bullish predictions, with some analysts even forecasting XRP could climb all the way to $11!

Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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.