The U.S Securities and Exchange Commission (SEC) has been in a long battle with Ripple. However, following SEC’s move to drop its lawsuit against Ripple three weeks ago, the two parties have decided to put a pause on any appeals from either parties. According to recent reports, both parties filed a joint motion to hold the appeals in abeyance. 

While the recent development is a big win for Ripple (XRP), market participants seem not to be excited by further developments into the Ripple vs SEC battles. Previously, updates of the legal battle between the two parties have often stirred the market but things have changed now. 

U.S SEC and Ripple’s Move Closer to a Settlement 

The long battle between the U.S SEC and Ripple is finally coming to an end. This battle, termed as one of the most important crypto legal battles, started in 2020 with the SEC preventing Ripple from selling XRP tokens to investors. However, the two parties have finally decided to file a joint motion to put a pause on any appeals. 

According to James Filan on April 10, the move is based on the agreement to settle by both parties. “The parties have filed a joint motion to hold the appeal in abeyance based on the parties’ agreement to settle,” Filan wrote on X. Filan further added that “the settlement is awaiting Commission approval and no brief will be filed on April 16th.” However, it’s crucial to note that Filan is an ex-lawyer and is not associated with the lawsuits between SEC and Ripple. 

Particularly, the motion filed with a US Appeals Court will put the October. 10, 2024 cross-appeal by Ripple at abeyance. It will also prevent appeals by the SEC hence bringing the case to an end. 

“The parties have reached an agreement-in-principle, subject to Commission approval, to resolve the underlying case, the Commission’s appeal and Ripple’s cross-appeal,” read the joint-filed motion. 

Ripple and SEC will however need more time to seek Commission approval for the agreement-principle. But surely, this legal battle that has long shaken the price of XRP is now over. 

XRP’s Price Unmoved by Ripple and SEC’s Joint Motion

The XRP community has been following the Ripple and SEC legal battle closely with the price often impacted by developments in the case. However, the recent update seems to not impact the price of XRP much as investors have shifted to a “nothing-much-to-see-here” mode. As of the time of writing, Coinmarketcap data shows that XRP is trading at $2.00 with just a 0.37% surge on the day. 

While the price is holding above $2, the Ripple-backed coin could dip. Notably, the trading volume of XRP has dropped by 51.73% over the last 24 hours. The trading volume currently sits at $4.09 billion suggesting loss of enthusiasm amongst investors. 

Nonetheless, XRP still holds the #4 position based on coin ranking based on market capitalization with a $116.6 billion market cap. Moving forward, XRP might thus require other external factors to bolster the price. The end of the Ripple and SEC legal battles means that Ripple can now perform without being barred by policies.