Ripple’s Legal Battle with SEC Nears Resolution, XRP Sees Surge in Activity

• Ripple’s CEO hints at a swift resolution of the SEC dispute, driving XRP’s price up by 2.16% and increasing network activity.
• XRP Ledger sees a surge in activity, with active addresses and new creations hitting a record high since March, reflecting user confidence.
• The SEC’s postponed closed-door meeting on July 25 sparks speculation about a potential Ripple settlement announcement.

Rumors that Ripple’s legal battle with the SEC may soon come to a conclusion have been stoked by the company’s CEO. This trust has led to a 2.16% gain in the price of XRP as well as an increase in network activity.

CEO of Ripple Brad Garlinghouse said that a “very soon” resolution to the continuing legal issues is expected. Although he did not say in his Bloomberg interview if Ripple and the SEC were currently in settlement negotiations, his comments have increased hopes for a favorable outcome.

Legal Rulings and Investor Confidence

Stuart Alderoty, Ripple’s Chief Legal Officer, marked the one-year anniversary of Judge Analisa Torres’s mixed ruling on the case. He reiterated on X that “While our case as a whole isn’t fully over (remedies still to be decided), the Court’s ruling that XRP is not a security will not change (even the SEC told the Court it will not challenge that conclusion).” This sentiment has been pivotal in reinforcing investor confidence.

Moreover, user activity on Ripple’s XRP Ledger has surged recently. According to the blockchain analytics platform Santiment, active addresses and new address creations have reached their highest single-day level since Thursday, March. This spike highlights the growing confidence and engagement within the XRP community.

Speculation on Settlement and Regulatory Issues

However, speculation surrounding a potential settlement announcement heightened with a planned SEC closed-door meeting last week. The meeting, postponed to July 25, will address “Institution and settlement of administrative proceedings, resolution of litigation claims, and other matters relating to examinations and enforcement proceedings,” according to the SEC’s website.

This ongoing legal battle with the SEC, which has argued for broader regulatory power over internal controls of public firms, including cybersecurity measures, remains contentious. U.S. District Judge Paul A. Engelmayer recently ruled against the SEC, stating that such an extension would give the agency overly broad regulatory power. He emphasized that the SEC’s authority should remain confined to financial controls not extend to all internal safeguards.

Prominent lawyer and SEC critic James Murphy, known as MetaLawMan on X, has been vocal in his criticism of SEC Chair Gary Gensler. Murphy’s views resonate with the XRP community, which has long questioned the SEC’s regulatory approach. His criticisms add to the ongoing scrutiny of the SEC’s actions amid the high-profile XRP lawsuit.