XRP’s price remains under pressure on Friday following Ripple’s recent filing with the US Court of Appeals for the Second Circuit. The filing is part of the ongoing legal battle with the Securities & Exchange Commission (SEC), which seeks to challenge Judge Analisa Torres’s July 2023 ruling that favored Ripple in its landmark case over whether XRP constitutes a security.
Ripple’s legal team has proposed April 16, 2025, as the due date for submitting its cross-appeal brief, as confirmed by a filing to the Court. This brief will address the points raised by the SEC in its appeal, which claims that Ripple’s sales of XRP to retail investors were indeed securities offerings. Furthermore, the non-profit Better Markets also filed an Amicus Brief supporting the SEC’s position, calling for the reversal of Judge Torres’s ruling.
Ripple’s Chief Legal Officer, Stuart Alderoty, has pushed back against the SEC’s appeal, calling it a “rehash of already failed arguments.” Despite the SEC’s appeal, the crypto community remains cautiously optimistic, with many hoping the Court will uphold the original decision. This optimism is fueled by the recent regulatory shift under the new SEC leadership, which appears more favorable to the digital asset industry. Notably, the SEC recently revoked the controversial Staff Accounting Bulletin (SAB 121), a move seen as a win for crypto.
As legal uncertainties swirl, XRP faces technical challenges as well. The remittance token is currently consolidating within a descending channel, with a bearish outlook from technical indicators. XRP has experienced $4.97 million in futures liquidations over the past 24 hours, and its price continues to struggle after a sharp decline last weekend. XRP could potentially see further downside, with support at $2.90. A break below this level could lead to a 15% drop to $2.62.
Despite these challenges, a daily close above $3.40 could invalidate the bearish outlook and restore bullish sentiment for XRP.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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