US District Judge Analisa Torres recently rejected a joint petition submitted by the Securities and Exchange Commission (SEC) and Ripple Labs for an indicative ruling, deeming it \"procedurally improper.\" In her decision issued on May 15, Judge Torres emphasized that even if jurisdiction were to return to her court, she would still decline the motion based on procedural grounds.

This ruling has cast uncertainty over the previously agreed-upon settlement between Ripple and the SEC. Previously, both parties had announced a settlement agreement that would substantially decrease Ripple's civil penalty from $125 million to $50 million. Additionally, the settlement proposal included lifting an injunction that had previously restricted Ripple from engaging in specific token sales.

However, Judge Torres pointed out that the joint request did not meet the legal standards set forth in Federal Rule of Civil Procedure 60. This rule mandates that \"exceptional circumstances\" must be demonstrated in order to modify or dissolve a court's final judgment. As such, the initial injunction and the original penalty continue to remain in effect until both parties submit a proper motion addressing these procedural concerns.

The lawsuit itself has not been dismissed. Initially, both Ripple and the SEC had suspended their respective appeals, assuming that the court would approve their joint settlement request. Therefore, Judge Torres' ruling implies that the appeals process may resume unless the parties file a corrected motion.

The denial triggered an immediate response in the market, with XRP's price declining shortly after the ruling was announced. The altcoin experienced a nearly 5% drop today, despite a 15% gain over the past month. Investors and stakeholders had viewed the proposed settlement as a resolution to the long-standing legal dispute.

In summary, the SEC and Ripple saga continues into its fifth year. Ripple has achieved notable developments and expansion within the U.S. market following Trump's pro-crypto regulations and the SEC's enforcement adjustments. However, the XRP lawsuit remains unresolved, and the legal complexities surrounding it may prolong its presence further.

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