Motion to Temporarily Suspend Appeal Granted; What Next for XRP Price?
- Closing the four-year legal battle opens a new chapter for XRP mainstream adoption, catalyzed by Ripple Labs’ payment products.
- XRP price must hold above the support level of about $2 to invalidate further market correction.
The Donald Trump administration has gradually fulfilled its promises made during the campaign period to the crypto ecosystem. The successful replacement of Gary Gensler with crypto-friendly SEC chair Paul Atkins has helped expedite the closure of several web3-related cases, including against Ripple and Binance exchange.
SEC vs Ripple Case Update
Earlier on Wednesday during the mid-North American trading session, James K Filan, a prominent defense lawyer, released court documents dated April 16 regarding the SEC vs Ripple appeal.
According to the court documents, Circuit Judge José A. Cabrenas granted a joint motion, filed by the U.S. SEC and Ripple to temporarily suspend their appeals amid the case closure.
“The parties jointly move to hold this appeal in abeyance, with the U.S. SEC directed to file a status report within 60 days of this order,” the court order noted.
Meanwhile, Ripple Labs agreed to pay a $50 million fine to settle the longstanding case.
XRP Price Analysis
After closing the first quarter in bearish sentiment, XRP has attempted to regain a bullish outlook in the past few weeks. The large-cap altcoin, with a fully diluted valuation of about $206 billion and a 24-hour average volume of about $3.45 billion, has been forming a potential reversal pattern in the daily timeframe.
The XRP price, against the U.S. dollar, has formed a possible inverse head and shoulders pattern, coupled with a bullish divergence of the daily Relative Strength Index (RSI). As a result, if the XRP price holds above the support level of around $2 and remains above the YTD falling logarithmic trend, a target of between $2.8 and $3 will be achievable.
