Yesterday, Judge Analisa Torres made a significant ruling in the SEC vs. Ripple case by rejecting a joint motion from both parties that sought to lift the injunction and reduce Ripple’s $125 million fine related to XRP’s institutional sales. This means the injunction and fines remain in place.

Ripple now faces a crucial deadline in August to decide whether to pursue a cross-appeal. If Ripple continues with the appeal, the SEC may also appeal the ruling on XRP’s programmatic sales, which were previously ruled not to meet the securities test under the Howey standard. If the SEC wins on appeal, XRP could be regulated as a security, potentially leading to delisting from U.S. exchanges and impacting XRP spot ETF approvals.

Judge Torres emphasized that the court’s final judgment serves the public interest and cannot be altered without exceptional circumstances, which Ripple and the SEC failed to demonstrate. She noted that the parties can either withdraw their appeals or formally appeal the decision through the court system but cannot bypass the injunction by agreement.

Ripple’s Chief Legal Officer Stuart Alderoty stated that the legal status of XRP as a non-security remains unchanged for now, and the company is considering its next steps. XRP’s price dropped 3.76% following the ruling, underperforming the broader market.

In summary, the court denied the motion to lift the injunction and reduce fines, Ripple must decide on a cross-appeal by August, the SEC may continue to appeal, and the case could eventually reach the U.S. Supreme Court if appeals continue. XRP’s legal status and market outlook remain uncertain but stable for now.