Ripple has been making the rounds in the headlines following its tiff with the SEC. Despite being widely recognized as a cryptocurrency, XRP went on to be touted as a security by the Securities and Exchange Commission [SEC] of the United States of America. While Ripple has been figuring out a way out of the lawsuit, the SEC has been stringent about not settling down.
A recent letter filed at the U.S. District Court for the Southern District of New York before the Judge, Analisa Torres lifted any possibility of a settlement between the two parties just before the trial takes off.
Ripple To Face SEC Head-On
Recently Ripple revealed that a team of 21 lawyers was taking over the SEC vs Ripple case. While the platform is still working on this, the latest letter submitted to the court reveals the fate of the case. The letter read,
“Counsel for the parties have met and conferred and, having previously discussed settlement, do not believe there is a prospect for settlement at this time. However, the parties will promptly notify the Court if any settlement in principle is reached as to any Defendant.”
The case will reportedly commence on 22 February 2021 in a virtual pretrial conference.
Fearing this accusation of the SEC, several prominent crypto platforms withdrew support for XRP. While SEC’s move had partially destroyed the altcoin, it was seen finally getting back on track.
Despite witnessing a steep fall with regard to its market cap, XRP was still above other prominent cryptocurrencies. The altcoin recently gave up its place to Cardano [ADA] as well as Polkadot [DOT]. XRP currently stands as the sixth-largest cryptocurrency with a market cap of $24.4 billion.
At the time of writing, XRP was trading for $0..537 with a drop of 3.80% in the last 24-hours. The crypto rally that pushed several coins into new highs could have worked its magic on XRP too, however, the lawsuit posed to be the coin’s biggest foe.