- The Ripple lawsuit has been referred to a magistrate judge for settlement by Judge Hamilton, aligning with Judge Torres’ decision on XRP programmatic sales.
- This move has stirred discussions within the XRP community about its potential impact on the broader Ripple vs SEC lawsuit.
- The XRP price experienced a downturn following Judge Hamilton’s decision to proceed with the trial involving Ripple CEO Garlinghouse.
Explore the latest updates on the Ripple lawsuit, judicial decisions, and their implications for XRP and the broader crypto market.
Ripple Lawsuit Heading Towards Settlement
In a significant development, the Ripple case has been referred to a magistrate judge for settlement by the District Court for the Northern District of California. Judge Phyllis Hamilton granted in part and denied in part the defendants’ motion for summary judgment in the Zakinov v. Ripple lawsuit. Interestingly, Judge Hamilton diverged from the SDNY court’s ruling that XRP programmatic sales are not securities, causing a buzz within the XRP community.
Judicial Decisions and Market Reactions
In the class action lawsuit against Ripple and its executives, Judge Hamilton issued an order affecting both federal and state class claims. Defendants won summary judgment on these claims, yet the individual claim under California law remains unresolved. This decision did not sit well with some investors and market participants, who observed a noticeable decline in XRP’s price following the announcement.
Implications for Ripple vs SEC Lawsuit
The latest judicial stance from Judge Hamilton has ignited speculation about its repercussions on the ongoing Ripple vs SEC lawsuit. Former SEC attorney Marc Fagel highlighted concerns that the SEC might leverage this California case in its Second Circuit appeal against Judge Torres’ summary judgment on XRP. Despite these concerns, some experts including Bill Morgan have suggested that this might not lead to broader implications for Ripple, even if the outcome is unfavorable.
Market Response and Future Outlook
The price of XRP dipped to $0.486, hovering around this level amidst a trading range. The price briefly surged past $0.50 but retracted, maintaining a 24-hour high and low of $0.4906 and $0.5002 respectively. The trading volume has seen a 9% increase in the last day, indicating renewed interest among traders. Investors are closely watching the developments as they could potentially shape the future dynamics of XRP and its regulatory status.
Conclusion
The referral of the Ripple lawsuit to a magistrate judge marks a pivotal moment in the ongoing legal battle. While speculations abound regarding its potential impact on the Ripple vs SEC case, the market has already shown its sensitivity to these judicial decisions. Stakeholders in the crypto community should stay informed as these legal proceedings evolve, considering their far-reaching implications on market movements and regulatory landscapes.
