In a twist that caught many by surprise—given Ripple’s (XRP) partial victory last year—a U.S. judge has demanded Ripple Labs hand over historical financial statements. Judge Sarah Netburn sided with the US SEC in a Monday court filing, ordering the fintech company to produce its records from 2022 to 2023.
In addition, Ripple will have to answer questions regarding the amount of XRP institutional sales proceeds it received. If you think you are having a bad week, you can’t be worse off than Ripple. So, the legal battle continues, and Ripple definitely can’t wait for a timeout or ceasefire—assuming there will be one.
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Ripple (XRP): Court Orders Handing over Financial Statement in Ongoing Lawsuit
Ripple’s (XRP) lawsuit against the US SEC continues. Given the recent ruling in favor of the SEC, no one would wish to trade places with the fintech company. In a Monday court filing, Judge Sarah Netburn—siding with the SEC—ordered Ripple to produce its records from 2022 to 2023. The payment protocol will also have to answer how much proceeds it received from the institutional sales of XRP.
It is to be recalled that in 2020, the SEC hit Ripple with a $1.3 billion lawsuit, alleging it undertook unregistered sales of securities in the form of XRP. However, last year, in July 2023, Ripple scored a partial victory, which sent ripples of excitement across the crypto landscape. The price of XRP also skyrocketed, hitting $0.8—2023’s ATH. But it has been downhill ever since for XRP. Solana flipped it in market cap, and it recently lost key support.
Given the significant win in the years-long legal battle, Ripple has experienced a rude awakening. In the recent court ruling regarding its financial statement, Netburn stated, “At this stage, the Court sees no basis to short-circuit that inquiry by denying access to readily available information that may be probative to the remedy stage.”
Meanwhile, according to Brad Garlinghouse, the CEO of Ripple, the SEC is going after the good guys. With the future of XRP uncertain until the end of the lawsuit, it is difficult to say if it is a good crypto to buy or not.
Conclusion
Ripple has been ordered to produce its financial statement to the SEC in an ongoing lawsuit, according to a recent court filing. This is probably not good news for the crypto payment protocol. Meanwhile, InQubeta has emerged as a go-to investment, with investors hoping to ride its massive bullish wave.
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