The SEC's case against Ripple is still ongoing, unlike other cases involving Coinbase, Gemini, and Robinhood that have been dropped. In the Ripple-XRP case, there has been a split decision, with the SEC winning some parts and Ripple claiming victory in others. The key win for Ripple is that XRP was not classified as a security. However, there are still unresolved issues, including securities law violations and potential penalties. Legal expert James Murphy suggests that Ripple may be in negotiations with the SEC to vacate some of the judge's decision, potentially in order to secure a better deal or prepare for future securities offerings or an IPO. A settlement with a $125 million penalty could be possible if both sides dismiss their appeals. However, it is uncertain if a federal judge would agree to vacate a prior ruling as part of a settlement. The theory of negotiations gaining support, and Ripple may be strategically waiting for market conditions to improve before making any announcements, as XRP's price is currently declining.



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