XRP News Today: Ripple Seeks Court Clarity Amid XRP Price Drop

In the latest development of the legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Ripple has submitted a new letter in support of a joint request for an indicative ruling from the court. This move indicates that both Ripple and the SEC are seeking a signal from the judge to proceed with a potential settlement while maintaining the original court ruling. Ripple has emphasized that they are not asking the court to alter the previous judgment but rather to provide clarity on how to move forward.

According to the letter, Ripple has stated that even if the court removes the specific order requiring them to “obey the law,” the company will continue to adhere to all securities laws, just like any other business. The removal of this order would not exempt Ripple from its legal obligations, and the same rules would still apply to them and to everyone else in the market.

However, a former SEC lawyer has expressed skepticism about the new filing. Marc Fagel, the former lawyer, commented that the letter does not introduce any new substantive information and appears to be more of a response to doubts raised by some members of the crypto community on social media. Fagel suggested that the letter seems to be an attempt to reassure those who are skeptical about the joint submission made by Ripple and the SEC.

Amidst the ongoing legal battle, the price of XRP has experienced a decline. After reaching a daily high of $2.31, the token dropped by more than 7% and is now trading at around $2.15. Since May 29, XRP has faced multiple failed attempts to break through the $2.27–$2.30 resistance zone, with the latest rejection occurring on June 16. This price volatility reflects the uncertainty and concern within the crypto community regarding the outcome of the legal dispute.

Investors and the broader crypto community are now eagerly awaiting the court's response to the joint request. The outcome of this legal battle could have significant implications for the future of XRP and the broader cryptocurrency market. A settlement could potentially bring an end to the years-long dispute, providing much-needed clarity and stability for Ripple and its stakeholders.