XRP’s price remained under pressure on Friday following Ripple’s recent filing with the US Court of Appeals for the Second Circuit. Ripple is seeking to submit its cross-appeal brief by April 16 in response to the Securities & Exchange Commission (SEC), which last week filed its own appeal against Judge Analisa Torres’s ruling.
Ripple Proposes Deadline for Cross-Appeal Brief
Ripple’s latest move in the ongoing SEC vs. Ripple case involves proposing a date for its cross-appeal brief submission. The filing, submitted to the US Court of Appeals for the Second Circuit, requests April 16, 2025, as the deadline for Ripple’s response.
“Under this Court’s Rule 31.2(a)1(B), Ripple requests a due date of April 16, 2025, for its brief,” the filing stated.
Ripple’s cross-appeal will specifically address the points raised by the SEC in its appeal, challenging Judge Torres’s July 2023 ruling. The SEC argues that Ripple’s sales of XRP to retail investors constitute a securities offering, which contradicts the earlier ruling.
Better Markets Files Amicus Brief Supporting SEC Appeal
In addition to the SEC’s appeal, the non-profit organization Better Markets filed an Amicus Brief on Wednesday, aligning with the SEC’s stance. The group urged the court to reverse what it described as the “especially consequential and legally erroneous aspects” of Judge Torres’s decision.
Despite this, Ripple’s Chief Legal Officer, Stuart Alderoty, dismissed the SEC’s appeal as a “rehash of already failed arguments.” Ripple’s legal team remains confident that the court will uphold Judge Torres’s ruling, supported by optimism within the crypto community.
Crypto Community Optimistic for Ripple’s Victory
The sentiment in the crypto space remains largely positive, with many hoping the new SEC administration under acting Chair Mark Uyeda will steer the case in Ripple’s favor. The recent revocation of the controversial Staff Accounting Bulletin (SAB 121) by the SEC has been seen as a significant win for the cryptocurrency industry.
There is growing speculation that the SEC might eventually drop its case against Ripple, especially given the new administration’s more favorable stance towards establishing clearer regulations for digital assets.
Ripple executives, including CEO Brad Garlinghouse, also made headlines with their appearance at President Donald Trump’s inauguration, possibly signaling an effort to strengthen ties with the current administration.
XRP Faces Technical Challenges as Bearish Pressure Mounts
In the meantime, XRP is experiencing a difficult trading period. The cryptocurrency saw $4.97 million in futures liquidations over the past 24 hours, according to Coinglass data, with liquidations split between long positions ($2.90 million) and short positions ($2.07 million).
XRP is trading within a key descending channel, with its price consolidating throughout the week following a significant drop last weekend. Bulls appear to have lost momentum, and technical indicators suggest further downside risks.
The cryptocurrency could find support at the lower boundary of the channel, near $2.90. A rebound from this level could push XRP towards the upper boundary of the channel. However, if XRP falls below the channel’s support and the $2.90 level, it could experience a 15% decline, potentially reaching $2.62.
The Moving Average Convergence Divergence (MACD) is showing signs of bearish momentum, with its line expected to cross below the signal line, indicating further selling pressure. Additionally, the Relative Strength Index (RSI) is positioned below its overbought region, reinforcing the negative outlook for XRP in the short term.
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