The decision, filed on June 26, 2025, has added further uncertainty to the case, which has been closely followed by the global crypto community since late 2020.

Ripple and SEC’s Request Rejected

The denied motion, filed jointly by Ripple and the SEC, sought an “indicative ruling” from the court—a type of preliminary feedback intended to assess whether Judge Torres would be willing to revise elements of her prior judgment once the case returns from appeal. Specifically, both parties hoped the court would signal support for dissolving a prior permanent injunction and cutting Ripple’s proposed penalty, which the SEC has estimated at nearly $200 million, down to $50 million.

Judge Torres has officially denied the joint motion for an indicative ruling filed by Ripple and the SEC. Source: Eleanor Terrett via X

Judge Torres, however, declined to entertain the request at this stage, stating in her order:

“For the foregoing reasons, the parties’ motion for an indicative ruling is DENIED.”

She further directed the Clerk of Court to terminate the motion, bringing that chapter of the case to a close for now.

XRP Lawsuit Status Remains Unchanged

Despite the legal setback, the XRP lawsuit’s fundamental rulings remain in place. Judge Torres’ July 2023 summary judgment—which held that Ripple’s programmatic XRP sales on public exchanges did not violate securities laws, while sales to institutional investors did—still governs the case.

Judge Torres has denied the joint SEC-Ripple motion for an indicative ruling in the ongoing XRP lawsuit. Source: @AbsGMCrypto via X

This means Ripple continues to be restricted from selling XRP to institutional investors, and the size of its financial penalty remains unresolved. The earlier injunction that prevents Ripple from engaging in similar violations also remains active.

What’s Next in the Ripple Lawsuit?

The case is now likely to be in suspension until at least August 15, when the SEC must file a status report with the court. Legal observers project that with no action by way of new filings or an altered settlement, the lawsuit could well revert to its course to the U.S. Court of Appeals for the Second Circuit—perhaps keeping the case continuing into late 2025 or later.

Ripple and the SEC had stalled their appeal process in anticipation of a favorable indicative ruling, which meant both sides were actively negotiating a settlement. The rejection of the joint motion disrupts that strategy, even though the ongoing cooperation between the two sides means attempts at settlement are not entirely ruled out.

XRP Market Reaction and Investor Sentiment

Following the court’s decision, XRP price fell roughly 3.4%, dipping to around $2.11. The Ripple market cap slipped to $125.76 billion, while 24-hour trading volume dropped by 6%, settling near $2.66 billion. While the XRP community expressed concern, some legal analysts view the denial as a procedural formality rather than a significant turning point.

Judge Torres rejected the SEC and Ripple’s joint motion, reaffirming that existing securities laws apply to crypto regardless of recent policy shifts. Source: Digi Gal via X

“The rejection doesn’t change Ripple’s legal standing or the status of XRP in secondary markets,” one legal expert commented, referring to the court’s 2023 determination that XRP is not a security when sold on public exchanges.

Ripple’s Legal Strategy Still in Motion

Although Judge Torres declined to preview her stance on the proposed Ripple-SEC $50 million deal, the fact that both parties jointly filed the motion continues to indicate progress toward resolution. Ripple’s legal team, led by CEO Brad Garlinghouse, will most likely keep pressing for an amended agreement once the appeal has passed.

XRP was trading at around $2.11, down 3.42% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

With the Ripple lawsuit now in its fifth year, the broader implications for U.S. crypto regulation remain significant. The case could affect how digital assets are treated as securities, which would have ramifications for projects across the Open Network, Ripple ledger, and DeFi ecosystems.

Final Thoughts

The latest XRP lawsuit news reminds us of the long odds and intricacy of the SEC Ripple drama. While future events are far from guaranteed, denial of the joint motion may prove to be a temporary hurdle and not an enduring barrier to resolution. All eyes are now fixed on August 15, the day that will tell us if the next installment in this historic legal battle will or will not be written.

For the moment, XRP’s value, regulatory position, and price prognosis hang in the balance of the court.

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Filed under: Bitcoin - @ June 26, 2025 6:15 pm