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Ripple Labs and the US Securities and Exchange Commission (SEC) have agreed to suspend their legal appeals in the long-running XRP case, signalling a possible end to one of the crypto industry’s most high-profile court battles.
The move was disclosed in a joint filing on 10 April, which noted that both parties intend to save time and resources as they enter settlement discussions. Ripple will no longer be required to file its brief that was due on 16 April.
This development follows the Senate’s confirmation of Paul Atkins as the new SEC Chair on 9 April. Market watchers say the timing of the leadership shift, combined with the sudden pause in litigation, could mark a shift in regulatory approach.
As investors weigh the potential outcomes, speculation over an XRP exchange-traded fund (ETF) is mounting.
Whale activity increases
Unusual whale activity has raised further questions about whether insider positioning is underway. Crypto analyst John Squire noted large institutional wallet transfers and abnormal on-chain movement around XRP in recent days.
The joint request by Ripple and the SEC to pause appeal proceedings is far from a routine legal step. It’s a calculated move that, when combined with unusual whale activity and renewed institutional wallet movements, points to high level negotiations happening behind closed
He described the legal pause as more than a procedural step, calling it a calculated move that likely stems from closed-door negotiations.
In a detailed X thread, Squire suggested that when major wallets reposition themselves ahead of a legal milestone, it often reflects expectations of a favourable outcome.
He argued that if a settlement is reached by 16 April, it could mark a key turning point not only for Ripple but also for broader crypto regulation. Several XRP ETF filings already exist, and a resolution could help push them forward.
Legal odds favour settlement
Legal analyst Fred Rispoli weighed in with his forecast that a significant development is likely before 16 April. He assigned only a 10% chance to Ripple filing an appeal, versus a 90% probability of either a settlement or case withdrawal.
On SEC v. Ripple, expect to see something happen on or before next Wednesday, 4/16, the due date for @ripple‘s appellate brief. Ripple cannot get an extension and either has to file it (10%) or there will be a notice of settlement/withdrawal (90%).
Rispoli cited procedural constraints, noting Ripple cannot delay its next court move, making the window for a final decision narrow.
Ripple CEO Brad Garlinghouse had earlier indicated in March that the case was close to resolution.
The latest pause reinforces that assessment. Some legal experts say Atkins’ appointment could lead the SEC to drop the case or seek less aggressive enforcement, especially with XRP’s classification under scrutiny.
ETF momentum builds
With legal uncertainty possibly nearing an end, industry attention is turning to the ETF market. XRP remains one of the most traded altcoins, and if regulatory ambiguity is removed, asset managers may revive stalled ETF efforts.
Institutional appetite for such products has increased following the approval of spot Bitcoin ETFs earlier this year.
Although the SEC has yet to comment publicly on XRP ETF filings, optimism is growing. The confluence of legal de-escalation, leadership change, and on-chain movement has positioned 16 April as a key date.
A settlement could mark the close of a years-long dispute and open the door to broader institutional adoption of XRP.
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