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XRP dipped after a proposed $50 million settlement between Ripple Labs and the US SEC was rejected by a U.S. court. The token lost $2.5 area and traded at $2.37 at publication.

Despite the previous 24 percent increase between the announcement of the May 8 deal proposal and the May 14 high above $2.6, the court’s rejection has created some uncertainty, as XRP’s price dropped to $2.3 by May 17.

According to the most recent update on the Ripple lawsuit, the deal was rejected on procedural grounds, suggesting that a settlement could still be reached. Ripple’s chief legal officer, Stuart Alderoty, underlined that the company and the regulator are dedicated to resolving the issue.

Earlier successes, like the clarification that XRP is not a security, have not been rendered inadmissible. This relates to procedural issues with the rejection of Ripple’s cross-appeal. The SEC and Ripple are completely in agreement to settle this matter, and will jointly bring it up with the Court again.

The rejection started soon after the May 14 high, making the token more volatile. Additionally, the SEC’s most recent appeal of a Ripple court case, which was filed before Gary Gensler’s departure, did not contend that XRP was a security but that the contracts used to sell the token were.

The long-running legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) seemed to end on May 8 with only formal court approval preventing a $50 million settlement,