TLDR
- Ripple and SEC filed a joint stipulation to submit a deferred appendix for cross-appeals, due 21 days after appellee’s opening brief
- SEC’s opening brief deadline is January 15, 2025
- XRP price surged 11.5% to $2.82 with $11.5 billion in trading volume
- Whales holding 1-10M XRP increased holdings by 37% since November 2024
- JPMorgan suggests possible XRP ETF approval in 2025 with projected $8B first-year inflows
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) reached a new milestone today as both parties filed a joint stipulation regarding their cross-appeals process. Defense attorney James K. Filan announced the development, which comes as XRP’s price surged by 11.5% to reach $2.82.
The stipulation outlines the parties’ agreement to file a deferred appendix, which will be due 21 days after the appellee’s opening brief is served. This procedural move helps streamline the appeals process by allowing both sides to compile relevant documents after initial briefs are filed.
The SEC faces an immediate deadline tomorrow, January 15, 2025, to submit its opening brief in the appeal. This filing will mark the regulator’s first formal response to the 2023 court decision that required Ripple to pay $125 million in settlement charges, a sum much lower than the SEC’s initial $2 billion demand.
Market activity has intensified ahead of the brief filing, with daily trading volumes climbing 12% to exceed $11.5 billion. Data from Coinglass reveals a 21% increase in XRP open interest, while liquidations over the past 24 hours reached $14 million, with $10 million coming from short positions.
Whale investors have shown renewed confidence in XRP, with large-scale holders controlling between 1 million and 10 million tokens increasing their positions by 37% since November 12, 2024. This accumulation represents approximately $3.8 billion worth of XRP added to whale wallets over the past two months.
What the market thinks about the SEC filing its appeal opening brief tomorrow. pic.twitter.com/3WbcT9UL6I
— bill morgan (@Belisarius2020) January 15, 2025
The court recently granted additional protections for confidential documents in a related case. Senior District Judge Phyllis J. Hamilton approved a motion to seal eight exhibits submitted as part of Ripple and CEO Brad Garlinghouse’s motion for summary judgment in the In re Ripple Labs Litigation.
Legal observer Sherrie explained the latest filing’s implications, noting that “parties will file a single combined appendix that only includes the information referenced in the briefs later on.” This arrangement helps maintain orderly case progression while ensuring relevant documents are properly organized.
Attorney Bill Morgan commented on today’s market movement, pointing out that investors appear to be reacting positively to the approaching SEC brief deadline. The market’s response suggests optimism about the case’s direction, though the brief’s actual content remains unknown until filing.
JPMorgan has entered the discussion with projections about XRP’s future, suggesting the possibility of an XRP ETF receiving approval in 2025. The banking giant estimates such a product could attract around $8 billion in inflows during its first year of trading.
The XRP Ledger continues to see adoption in banking and financial transaction applications. This technical adoption runs parallel to the legal proceedings, with many observers watching how regulatory clarity might affect institutional use of the technology.
Short-term market metrics show strong momentum, with liquidation data indicating a squeeze on bearish positions. The $10 million in short liquidations suggests traders betting against XRP faced losses as the price moved higher.
The current price of $2.82 represents a key level for XRP, having broken through previous resistance zones. Trading volumes support the price movement, indicating broad market participation in the rally.
Technical indicators and order book data show increased buying pressure across major exchanges. This demand surge aligns with the timing of important legal developments in the case.
Looking at immediate events, all eyes remain on tomorrow’s SEC brief filing deadline. This document will provide new information about the regulator’s position and arguments as the appeals process moves forward.
The stipulation filed today sets clear expectations for document management in the appeals process, with the deferred appendix arrangement allowing for more efficient handling of case materials.
