A new phase has unfolded in the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). XRP's price dropped by approximately 5% after Judge Torres rejected the settlement agreement proposed by both parties.
According to a report by attorney James Phelan on the 15th, the Southern District of New York's Judge Torres dismissed the judgment application submitted by both parties as "procedurally inappropriate". The court pointed out that both sides did not follow the appropriate procedures under Rule 60.
The settlement proposal included reducing the $125 million penalty ordered by the court last year to $50 million (approximately 71 billion won). However, Judge Torres stated that "even if the court's jurisdiction is restored, the application from both parties will be rejected due to procedural issues".
Ripple's Chief Legal Officer (CLO) Stuart Alderoty emphasized that this decision "does not affect Ripple's victory, such as XRP not being a security". He explained, "This is simply a procedural issue related to the dismissal of Ripple's cross-appeal" and "Ripple and the SEC have completely agreed to resolve this case and will review the matter with the court".
Meanwhile, XRP's price showed a downward trend following this news. XRP had risen to $2.7 earlier this week, dropped to $2.5 the previous day, and further declined by about 5.5% to $2.36 after the court's rejection. It is currently trading around the key support level of $2.38, recording approximately a 5% daily decline. In contrast, Bitcoin (BTC) remains stable around the $104,000 level.
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