Ripple Says It’s Settled, SEC Says “Not So Fast” – What’s Really Going On with the XRP Appeal?
As soon as the XRP community thought the Ripple vs SEC case was finally over, since in March, Ripple Labs announced that the SEC had withdrawn its appeal against the July 2023 ruling that programmatic sales of XRP do not constitute securities.
Ripple settled with the SEC for $50 million which is a big discount from the original $125 million fine.
However, pro-XRP lawyer Bill Morgan tweeted something on X that got the XRP community thinking.
What you'll learn 👉
The Appeal Confusion: Settled or Still Active?
While Ripple has been celebrating what appeared to be the end of their lengthy legal battle with the SEC, recent court filings suggest the situation might be more complicated. On April 8, the SEC submitted a letter to Judge Torres opposing a non-party’s “emergency request to present decisive evidence.” What caught everyone’s attention was the SEC’s claim that the “matter to which it relates is presently on appeal.”
This statement directly contradicts Ripple’s public announcement that the appeal had been withdrawn. The contradiction has left XRP holders confused about the actual status of the case. Is it truly over, or are there still unresolved legal threads?
The emergence of this discrepancy has fueled speculation throughout the XRP community. Some legal experts suggest this might simply be a procedural formality before the case is officially closed in all systems. Others wonder if the SEC is intentionally keeping certain aspects of the case technically active for strategic reasons.
Such an odd thing that Ripple say the Appeal and Cross-Appeal is settled but the SEC writes to Judge Torres that the matter is still on appeal. Settled but not quite over. https://t.co/TpNv2DcKoE pic.twitter.com/XFAKJAzUUP
— bill morgan (@Belisarius2020) April 9, 2025
Behind the Scenes: What’s Driving the Emergency Request?
The mysterious “emergency request” mentioned in the SEC filing adds another layer of intrigue. Someone apparently believes they have crucial evidence that should be presented in the case – even after the supposed settlement. The SEC’s effort to block this request by citing jurisdictional limitations has raised eyebrows.
This comes at an interesting time for Ripple. Despite the company’s recent $1.25 billion acquisition of prime broker Hidden Road and the apparent resolution of their SEC troubles, XRP’s price hasn’t responded with the enthusiasm many holders expected. The token remains relatively stagnant, even as Ripple continues to expand its enterprise partnerships and development of the XRP Ledger.
Many in the community attribute this price disconnect to broader market conditions rather than anything specific to XRP. Global economic concerns, including recent policy announcements, have created a risk-averse environment across multiple asset classes. As one XRP holder put it: “If XRP was the only thing that tanked, I’d be worried. But it’s not. This is my 10th market crash. Zoom out.”
For now, Ripple appears to be in a transitional phase. While the legal situation seems mostly resolved with the $50 million settlement, these lingering procedural questions show that the final chapter of the SEC saga may not be completely written. Meanwhile, Ripple continues its business expansion and development efforts, positioning itself for when market sentiment eventually turns around.
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