Key Insights
- XRP continues to consolidate, just as Ripple navigates its issues with the SEC.
- Ripple recently filed a formal request with the US court of appeals for the second circuit.
- Better Markets, a non-profit, has filed an amicus brief supporting the SEC against Ripple.
- On the hourly charts, XRP is showing a bearish flag pattern that could mean a revisit of $2.62.
- Meanwhile, there is increasing speculation about an incoming XRP ETF with CME group.
The crypto market is still abuzz with discussions about the XRP crypto, the native token of Ripple Labs.
Most of this discussion is centered around the ongoing legal developments, as the company continues to navigate its legal challenges with the SEC.
Market dynamics now show that a shift could be incoming, especially as investors continue to watch for what comes next.
Here’s everything to know about the XRP price, and what could be next for the cryptocurrency.
Ripple’s Cross-Appeal Brief
According to XRP news reports, Ripple recently filed a formal request with the US court of appeals for the second circuit.
Within this filing, the agency proposed 16 April of this year as the submission date for its cross-appeal brief.
As speculated, this move aims to address the SEC’s recent appeal against Judge Analisa Torres’ landmark ruling from July 2023.
The SEC’s appeal in essence, is a dispute of the court’s conclusion that Ripple’s XRO sales to retail investors did not constitute securities offerings.
So far, Better Markets, a non-profit, has filed an amicus brief, urging the court to overturn the specific parts of Judge Torres’ decision after calling them “consequential and legally erroneous.”
Despite these challenges, Ripple’s chief legal officer Stuart Alderoty remains confident and has called the SEC’s appeal a “rehash of failed arguments”.
The crypto community also remains confident that the ongoing case will result in a favorable outcome under the leadership of the acting SEC Chair Mark Uyeda.
XRP Faces Bearish Technical Indicators
While Ripple continues to battle legal hurdles in the courtroom, XRP is facing mounting bearish pressure in the market, where data from Coinglass indicates that the last 24 hours saw up to $5 million in liquidations.
According to the charts, the XRP price today, is currently trading within a descending channel on the hourly chart.
This means that it is currently in a consolidation after declining sharply last week from the $3 mark.
The cryptocurrency is now hovering near the channel’s lower boundary around $2.9 as shown, where a break below could trigger a 15% decline to as low as $2.62.
The RSI on the daily chart shows that the bullish momentum is still strong, but is waning.
In terms of an XRP Price prediction, a break above the $3.40 price level could do much to invalidate the ongoing bearish sentiment and lead up to $5.
Regulatory Optimism Under Trump Administration
Through it all, Donald Trump’s return to the white house has added to the bullish optimism among crypto enthusiasts.
The trump administration’s pro-crypto stance has been hailed by many as a possible game changer for Ripple and the broader crypto industry as a whole.
Moreover, a recent executive Order from Donald Trump to establish the US as a global crypto leader could lead to a new wave of ETFs that (might) include XRP.
Speculation is also mounting about this, with a leaked document recently confirming that CME Group might be looking towards listing XRP and Solana futures ETFs as early as February 2025.
Paul Atkins has also been tapped to lead the SEC, with the industry expecting a resolution to the long-standing case against Ripple.