TradingKey – A U.S. judge's rejection of the proposed Ripple-SEC deal has cast uncertainty over the case, triggering a 6% drop in XRP's price.
On Thursday (May 15), Ripple (XRP) faced sudden selling pressure, with its token tumbling over 6% before partially recovering to $2.42 at press time.
XRP Price Chart, Source: TradingView.
The sell-off followed U.S. District Judge Analisa Torres rejecting the May 8 settlement proposal jointly filed by Ripple and the SEC, citing non-compliance with Rule 60 of the Federal Rules of Civil Procedure.
The rejected agreement sought to:
- Lift an August 2024 injunction
- Release $125 million in escrowed civil penalties:
- $50 million to the SEC
- $75 million returned to Ripple
Ripple CLO Stuart Alderoty responded: "This procedural ruling doesn’t alter Ripple’s path to ultimate victory. Both parties remain committed to resolving this case and will revisit terms with the court."
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