A significant transaction involving XRP has caught the market’s attention as a Ripple whale scooped up 18.78 million XRP, valued at $27.2 million. This XRP transfer originated from the crypto exchange Binance, according to recent blockchain data. This move occurs against the backdrop of notable updates in Ripple Labs’ ongoing legal battle.
Insight Into Ripple’s Legal Battle
The California District Court recently accelerated proceedings in the In re Ripple Labs Inc. Litigation, granting a motion to amend a prior order concerning judgment and stay. This came after both Ripple and the plaintiffs filed a joint request to expedite the case, citing no further delays were necessary as class claims had already been resolved.
🚨 🚨 18,783,349 #XRP (27,227,070 USD) transferred from #Binance to unknown wallethttps://t.co/MXn2Mv3r9T
— Whale Alert (@whale_alert) November 28, 2024
The court filing stated, “Within 30 days after 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.” The plaintiffs sought the court’s assurance of the judgment’s finality through an amended decision, addressing concerns over potential ambiguities.
While Ripple faces a pending relief claim tied to the ongoing appeals, the judgment remains stayed until those appeals are concluded. The XRP firm also submitted extensive documentation outlining litigation costs and related expenditures. The company filed a declaration from Litigation Director Ana Guardado and 65 exhibits detailing lawyer fees and other associated costs.
SEC Lawsuit to End Soon?
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Judge Phyllis Hamilton had earlier approved a joint motion for judgment and stayed the lawsuit. The court reaffirmed its decision in favor of Ripple Labs, XRP II LLC, and CEO Brad Garlinghouse. Additionally, the judge encouraged the involved parties to explore alternative resolutions to individual claims still under dispute. A trial date has been scheduled for January 21, 2025, with all pretrial deadlines dismissed. New dates will be determined after the resolution of appeals.
The class-action case, primarily focusing on alleged losses incurred by XRP holders, appears to be nearing its conclusion. Ripple’s fortunes have seemingly improved alongside XRP’s significant market rally. The cryptocurrency recently surged by 200% to reach $1.62, marking its year-to-date high.
Despite a subsequent pullback, XRP trades at $1.45, showing a 30% weekly gain. Trading volume has dropped by 25%, but analysts using Elliott Wave models project a potential price surge to $13. Meanwhile, Ripple’s leadership has expressed optimism regarding the dismissal of the U.S. Securities and Exchange Commission (SEC) lawsuit.
Pro-XRP attorney Jeremy Hogan speculated that the case could wrap up by the spring or early summer of 2025. This could potentially coincide with SEC Chair Gary Gensler’s departure. As the SEC’s leadership changes with the upcoming Trump administration, it could offer relief to the Ripple SEC lawsuit.
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Also Read: Rumor: Ripple to be Endorsed by Elon Musk With $104B Investment?
