Judge drops bomb on Ripple: XRP loses $2 billion in one hour

In a fresh blow to XRP holders, U.S. District Judge Analisa Torres has officially denied the joint motion filed by both Ripple Labs and the SEC requesting an indicative ruling to expedite resolution in their long-running legal battle. In her June 26 order, Judge Torres made clear: “If Ripple and the SEC want to end this, they can withdraw their appeals. But I will not cancel the court’s orders unless the legal standards are truly met.” Judge Torres denies joint motion. Source: Eleanor Terret This effectively prolongs the case that began in 2020 and has become one of the most closely watched legal showdowns in the crypto space. The motion sought to dissolve the Court’s permanent injunction request and reduce the civil penalty imposed on Ripple. Both requests were denied. The reaction in markets was swift. XRP dropped over 4% in 24 hours, with its fully diluted market cap falling from above $128 billion to $125.19 billion, wiping $2 billion in an hour as traders digested the court’s firm stance. XRP 1-day market cap. Source: CoinMarketCap Commentators including Fox Business’ Eleanor Terrett and attorney James K. Filan noted that Judge Torres’ refusal signals that neither party can expect shortcuts, and that appeals must follow proper legal standards. XRP’s price action now reflects mounting frustration among investors, particularly as on-chain activity has also shown signs of weakening over recent days. The post Judge drops bomb on Ripple: XRP loses $2 billion in one hour appeared first on Finbold .

Source: Finbold