Understanding Ripple's Position on XRP Ledger Ownership

Understanding Ripple’s Position on XRP Ledger Ownership

7 October 2023

in XRP

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The SEC v. Ripple judgment has cleared many questions about the XRP’s legality. You may think XRP was the lone winner, but the lawsuit opened another angle, and the XRP Ledger decision is gaining market share. After its legal troubles, XRP Ledger has acquired investor popularity, and a decision on this developing asset class is intriguing.

Court’s Decision on XRP Ledger (XRPL) is Vital for Ripple

The New York federal court’s double-edged decision shot down the SEC’s hopes for an immediate appeal and etched a vital clarity around XRP Ledger (XRPL) and its prized asset, XRP. This seismic revelation was underscored by prominent XRP enthusiast “24HRSCrypto” on the court’s historic judgment: Ripple doesn’t hold ownership over XRPL, dispelling a widely held misconception in the crypto sphere. The judge’s statement, anchored in the SEC’s failure to showcase XRPL’s development as something of concrete value to Ripple, marks a watershed moment in XRP’s legal journey.

But it doesn’t end there…

The court emphasized that the SEC’s argument didn’t align with XRP’s situation, per the Howey test. It clarified that Ripple’s other XRP distributions didn’t involve a financial investment. The July 13 ruling provided legal clarity for XRP and charts a clear course for its future in the evolving digital currencies. The courtroom echoed with a clear message: XRP’s journey has hit a pivotal turning point.

Also Read: Ripple Vs. SEC Lawsuit: Here’s What to Expect From Next Trial on April 2024

Now what?

The SEC can only appeal after the final judgment without an interlocutory appeal. But Deaton predicted there would be no more trials in the Ripple case. Is he hinting at a clear-shot settlement claim? From here, mark your calendars for April 23, 2024, when the courtroom drama will unfold at the United States Courthouse in New York.

But before the main event, there’s a pre-trial scheduled. By December 4, 2023, both parties must lay their cards on the table with pre-trial filings and exhibits. It’s a legal tango—motions in limine due on the same date, followed by oppositions by December 18, 2023.

And let’s not forget the pre-trial conference on April 16, 2024, at 2:00 p.m., where strategies will be fine-tuned for the courtroom battle. The judge even throws a curveball: a settlement discussion may happen, ensuring all avenues are explored before the final face-off. As the countdown begins, the crypto world holds its breath for the next seismic shift in this high-stakes legal saga.

As of now, XRP is trading at $0.52. XRP is currently 0.60% up since yesterday.

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