- Ripple sought final judgment on state law claims amid ongoing litigation.
- XRP’s price faced a dip, yet CEO Garlinghouse remains optimistic.
The ongoing legal battle between Ripple [XRP] Labs and the U.S. Securities and Exchange Commission (SEC) shows no signs of resolution.
Ripple makes another bold move
In the “In re Ripple Labs Inc. Litigation,” defendants, including CEO Brad Garlinghouse, Ripple Labs, and XRP II LLC, requested a final judgment. The plaintiffs have brought in class action claims.
Additionally, they are seeking a stay on individual state law claims pending the outcome of the broader litigation.
Judge Phyllis Hamilton endorsed the joint motion for final judgment and stay in the ongoing XRP lawsuit.
She also directed the parties to explore voluntary dismissal without prejudice for the remaining individual claim.
This claim could be re-filed after resolving appeals related to class claims against Ripple, CEO Brad Garlinghouse, and XRP II LLC.
As expected, the court ended the filling by giving an order which stated,
“If the parties are amenable to this alternative resolution, the court requests that they file an amended proposed order – and if the parties are not amenable, the court requests that they file a notice to that effect – by November 4, 2024.”
The lead plaintiff’s final request
Lead plaintiff Bradley Sostack, Ripple Labs, XRP II, and CEO Brad Garlinghouse requested a final judgment on class action claims. They also requested a pause on state law proceedings until those claims are resolved.
After a failed settlement conference, individual plaintiffs plan to appeal the court’s summary judgment. This judgment covers all XRP purchases over six years. A separate claim was filed focusing on one buyer’s purchase from January 2018.
Hence, a pretrial conference is scheduled for the 19th of December 2024, with jury selection and trial set for the 21st of January 2025.
Meanwhile, the Ripple vs. SEC lawsuit is advancing in the U.S. Second Circuit Court of Appeals, with the SEC reasserting charges against Garlinghouse and Chris Larsen.
In response, the executives have hired prominent attorneys to dismiss the claims.
The SEC has also set a deadline of the 15th of January 2025, for its principal brief regarding the appeals. This indicated that the legal dispute is ongoing.
Impact on XRP
As expected, these recent developments have affected XRP’s price, which has shifted from a bullish trend to a bearish stance.
The altcoin was trading at $0.52, at press time, after a 0.98% decline in the last 24 hours.
Despite this downturn, sentiment among XRP supporters remains resilient.
Source: Steph is crypto/X
Indeed, Ripple CEO Brad Garlinghouse also emphasized his optimism regarding the future of XRP and its ETF, reflecting a hopeful outlook amid ongoing market fluctuations.
He had put it best when he said that Ripple is on,
“The right side of the law…the right side of history.”
