In the In re Ripple Labs Inc Litigation that is currently underway, a significant step has been taken as the US court has given an order to hasten the issuance of a final judgment. This brings the long-drawn-out case closer to a resolution.
The California district court has given the nod to a motion that amends the order concerning judgment and stay in the XRP lawsuit. The two parties jointly presented a proposed order, citing reasons for delaying the judgment until the class claims are settled. The filing indicates that “Within 30 days after the 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.” Judge Phyllis Hamilton has approved the joint request of both parties to proceed with the final judgment while keeping the plaintiff’s class claims on hold.
The California district court’s ruling was in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. Although the class claims have been resolved, one individual claim for relief is still pending the final outcome of appeals. A trial date for the unresolved matters has been fixed for January 21, 2025, though the court has urged both parties to explore alternative solutions.
Ripple has submitted a comprehensive bill of costs, along with 65 exhibits and a declaration from Litigation Director Ana Guardado, detailing the litigation expenditures and attorney fees that led to this result.
The court’s expedited judgment has led to a remarkable increase in XRP’s market value. The cryptocurrency recently hit a year-to-date peak of $1.62 and then stabilized at $1.45, registering a nearly 30% rise in the past week.
Analysts using Elliot Wave analysis predict that XRP could soar up to $13 in the upcoming months. This upward trend reflects the renewed confidence of investors, spurred by Ripple’s successive legal triumphs and the improving regulatory scenario for cryptocurrencies in the United States.
Ripple executives are upbeat following the dismissal of the SEC lawsuit, given the signs of improvement in the regulatory environment for cryptocurrencies in the US. Pro-XRP lawyer Jeremy Hogan has predicted that the Ripple vs. SEC case might conclude by spring or early summer of 2025, around the expected departure of SEC Chair Gary Gensler.
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