Judge Analisa Torres of the Southern District of New York has denied Ripple Labs’ and the SEC’s request for an indicative ruling in their ongoing legal battle. Both sides had sought guidance from the court regarding the July 2023 summary judgment, especially considering recent clarifications on the Howey test issued by the Coinbase ruling. Judge Torres emphasized that no clear link exists between the Coinbase case and a significant alteration of the case’s trajectory, prompting both parties to formally pursue motions for dismissal. As cryptocurrency legal expert Fred Rispoli suggests, Ripple and SEC must now submit detailed motions demonstrating why the case should be dropped. Ripple, with its recent bullish breakout, is expected to continue exploring price discovery in coming months. A 5.1% drop in XRP price (as of May 15) after Judge Torres’s ruling points to potential retesting of the $2 level as support.