XRP’s price remained under pressure on Friday following Ripple’s recent filing with the US Court of Appeals for the Second Circuit. The company has requested a deadline of April 16 to submit its cross-appeal brief, after the Securities and Exchange Commission (SEC) filed an appeal against Judge Analisa Torres’s ruling last week.
Ripple Proposes Cross-Appeal Brief Submission Date
Ripple’s latest legal move in the SEC vs. Ripple case involves an official request to the US Court of Appeals for the Second Circuit, proposing April 16, 2025, as the deadline for its cross-appeal brief. The filing indicates that Ripple intends to address the SEC’s arguments raised in the agency’s recent appeal.
The SEC contends that Judge Torres’s July 2023 ruling was incorrect and that Ripple’s XRP sales to retail investors should be classified as a securities offering. Along with the SEC’s appeal, the non-profit organization Better Markets filed an Amicus Brief supporting the SEC’s position, urging the court to overturn the district court’s decision on what it called “legally erroneous” grounds.
Ripple’s Legal Team Dismisses SEC’s Appeal
Despite the SEC’s continued push, Ripple’s Chief Legal Officer, Stuart Alderoty, has labeled the agency’s appeal as a “rehash of already failed arguments.” Ripple remains optimistic that the court will rule in the company’s favor, with the crypto community showing increased confidence in light of recent developments.
The optimism is also linked to the progress made by the new SEC administration under acting Chair Mark Uyeda, who has already moved to reverse some of the policies enacted under former SEC Chair Gary Gensler. This includes the revocation of the controversial Staff Accounting Bulletin (SAB 121), which is seen as a win for the cryptocurrency industry. As a result, many believe the SEC might ultimately drop its case against Ripple, given the current administration’s efforts to establish clearer regulatory guidelines for the digital asset space.
Ripple executives, including CEO Brad Garlinghouse, have also been engaging with key political figures, further fueling speculation that the company is strengthening its ties with the current administration.
XRP Faces Bearish Technical Outlook
Despite the positive legal sentiment, XRP’s price remains weak, with $4.97 million in futures liquidations over the past 24 hours, according to Coinglass data. Liquidations were split between long positions ($2.90 million) and short positions ($2.07 million), contributing to increased market volatility.
XRP continues to trade within a descending channel, consolidating throughout the week following a sharp decline last weekend. Technical indicators suggest a further bearish outlook for the token. XRP could find support near $2.90, the lower boundary of the channel. A bounce at this level might lead to a rise towards the channel’s upper resistance. However, a breakdown below the $2.90 support could trigger a 15% decline, potentially bringing the price down to $2.62.
The Moving Average Convergence Divergence (MACD) is showing signs of bearish pressure, with the MACD line set to cross below its signal line, while the histogram tests the neutral level. A cross below the neutral line could further accelerate the downward momentum for XRP. Additionally, the Relative Strength Index (RSI) is positioned below the overbought region, indicating that XRP could continue to face downward pressure in the near term.
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