Ripple-SEC Lawsuit Nears Closing as Court Denies Rehearing, XRP Community Speculates on $589 Price
A U.S. federal judge has denied a joint motion from Ripple Labs and the Securities and Exchange Commission (SEC) to revisit the Final Judgment concerning Ripple’s liability and penalty in the ongoing XRP lawsuit. Judge Analisa Torres cited procedural impropriety and insufficient legal grounds, ordering the case to be closed. This follows earlier developments where both parties sought to reduce Ripple’s civil penalty. Although the legal decision provides some clarity, uncertainty about the penalty and regulatory stance persists. The XRP community remains divided, with speculation intensifying after an influencer noted the next court filing will be number 985—numerologically linked to the community’s long-standing, but largely unfounded, belief that XRP could surge to $589. Market developments or legal findings do not currently support this price target. Crypto traders should remain alert: while the Ripple-SEC case’s resolution may eventually provide regulatory clarity for XRP and have broader market implications, short-term price volatility is likely due to ongoing community hype and anticipation. The $589 theory remains speculative.
Neutral
The court’s denial of Ripple and the SEC’s joint motion simply maintains the status quo, closing the case without offering any new market-moving information. While the legal closure could lead to regulatory clarity in the long term, there is no immediate catalyst for significant price action in XRP, especially in the absence of a positive settlement or a reduction in penalties. The ’589 theory’ circulating within the community is speculative and not grounded in any legal or market fundamentals, so it does not provide a credible basis for bullish trading decisions. In the short term, market volatility may persist due to community speculation, but there is no substantial bearish or bullish impact attributable to this development.