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Recent updates in the long-standing legal struggle between the U.S. Securities and Exchange Commission (SEC) and Ripple 
$2 Labs have emerged. Defense attorney James K. Filan reported that both parties have submitted a joint stipulation. Following this development, the price of XRP surged by 11.52%, capturing the attention of market participants.
The Evolving Nature of the Case
Attorney James K. Filan indicated that both sides have agreed to submit a delayed supplemental filing for counterclaims. The SEC is required to submit its opening brief within a specified timeframe. Filan elaborated that the official document includes the statement: “The parties have agreed to submit a delayed supplemental filing for the contest and counterclaim pursuant to Fed. R. App. P. 30(c) and L.R. 30.1(c).”
“This means the parties will submit a single consolidated supplemental filing containing information referenced in subsequently filed motions. This does not change anything regarding motions that have not been filed yet.” – Sherrie
XRP Price Surge
In light of the recent developments, XRP’s price increased by 11.5% within 24 hours, currently trading at $2.82. Daily trading volumes rose by 12%, surpassing $11.5 billion, supporting the bullish trend. Additionally, large investors have increased their XRP holdings by 37% over the past two months, adding approximately $3.8 billion worth of XRP.
Future Expectations
XRP Ledger is experiencing strong demand due to its potential applications in banking and financial transactions. Major banks, including JPMorgan, have indicated that XRP ETF approval could be possible by 2025, anticipating about $8 billion in inflows in its first year. These developments are increasing confidence and demand for Ripple’s cryptocurrency.
“The market is reacting positively to the SEC’s opening brief.” – Attorney Bill Morgan
Conclusion
The case between Ripple and the SEC stands at a critical juncture for XRP’s future. Every step in the legal process directly impacts market dynamics and investor confidence. The rise in XRP’s price and accumulation by major investors reflect strong demand and expectations in the cryptocurrency market. Future developments, particularly the outcome of the SEC’s opening brief, will play a significant role in shaping XRP’s value.
