The XRP price experienced a significant decline on Thursday following new developments in the ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC). Judge Analisa Torres’ decision to deny the joint motion from Ripple and the SEC for an indicative ruling halted the XRP price recovery as it aimed to breach the nearest resistance level at $2.23. Key Issues Unresolved For Ripple Despite the SEC dropping its appeal, which indicated that the primary legal conflict between the two parties may be reaching a conclusion, Judge Torres’ ruling highlighted that several procedural matters still require resolution, including necessary court approvals. In her judgment, she made it clear that private agreements cannot supersede public court decisions, stating, “The parties do not have the authority to agree not to be bound by a court’s final judgment… They have not come close to doing so here.” Related Reading: XRP Gears Up For Major Move — Chart Signals Are Clear In response to the ruling, Ripple’s Chief Legal Officer, Stuart Alderoty, took to social media platform X (formerly Twitter) to convey that the situation is now back in Ripple’s hands. The executive pointed out that the court has given them two options: either to dismiss their appeal regarding the historic institutional sales or to continue with the appeal. Regardless of the path chosen, Alderoty emphasized that XRP’s legal status as a non-security remains intact, reassuring stakeholders that it is business as usual. Expert Reactions To Torres’ Decision Legal expert Fred Rispoli also weighed in on the implications of the injunction, stating that it would not impact XRP in secondary markets or affect potential exchange-traded fund (ETF) filings awaiting approval by the SEC. He noted that the injunction is merely a court document and emphasized the low likelihood of Judge Torres calling Ripple and the SEC back into court unless the SEC believes Ripple is violating the terms of the injunction. Rispoli further questioned whether the SEC has the authority to grant Ripple the necessary exemptions to alleviate any restrictions imposed by the injunction, suggesting that such actions fall within the SEC’s executive powers. Ripple has asserted that it has adjusted its operations to align with the court’s findings, particularly regarding its past sales to institutional investors. Related Reading: Is The Bitcoin Top In? Bitcoin MVRV-Score Has The Answer Alderoty’s use of the term “historic institutional sales” in his recent statement indicates a shift in how both parties might approach future transactions, signaling a potential settlement that would allow XRP sales to institutions in a manner acceptable to the SEC. XRP Price Could Reach $5 Despite this temporary setback, market analysts remain optimistic about XRP’s future. Crypto analyst CryptoBullet recently noted that XRP’s two-week price chart resembles patterns seen in 2017, including a significant accumulation phase and a potential breakout. With this historical context in mind, the expert predicts a final surge in the XRP price, forecasting new all-time high targets between $4.50 and $5.40 for the cryptocurrency. As of press time, the XRP price has retreated to the $2.08 mark, which is a key support level for bulls anticipating further recovery of the token. In the last 24 hours, XRP has dropped 4.4%, and 10% in the last month. According to CoinGecko data, the XRP price remains 38% below its record high of $3.40. Featured image from DALL-E, chart from TradingView.com
After more than four years, the US Securities and Exchange Commission is discontinuing its proceedings against Ripple in the XRP lawsuit. The announcement by CEO Brad Garlinghouse on X—stating “This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it. The future is bright. Let’s build”—has generated waves of optimism among XRP supporters. Although attorney Jeremy Hogan noted that Ripple can still take a range of actions, the consensus among market participants is that this development dispels a massive victory for Ripple. Hogan remarked that it is still unclear if Ripple agrees to drop the appeal. He added that there are 4 possibilities left: a. Ripple continues its appeal, and we get a ruling from an appellate court on whether investment contracts require contracts, etc.. b. Ripple agrees to drop its appeal, jurisdiction returns to the trial court, and the parties attempt to amend the judgment. c. Ripple agrees to drop its appeal, and the parties enter into an agreement between them without trying to amend the judgment. d. Ripple just pays the $125mil and moves on. How High Can XRP Go? Against this backdrop, crypto analyst Dark Defender (@DefendDark) has shared an updated daily XRP/USD chart. According to it, XRP broke above a descending trend line that extends across several weeks of trading activity following the announcement. Related Reading: XRP Coils For A Breakout, But Key Resistance Still Stalls The Rally The breakthrough near the $2.47 area, has been circled in green and labeled as “A Clear Break-Out” by Dark Defender, suggesting that market participants are no longer confined by the downward trajectory that characterized much of the previous price action. The chart also outlines a Elliott Wave count aligned precisely with Fibonacci retracement and extension levels. The chart illustrates a completed corrective phase and the early development of a new impulsive wave structure, supported by the decisive breakout from a long-standing descending trendline. According to the analysis, Wave (1) initiated from the local low of $1.79 and peaked around $2.55, marking the first bullish impulse. This was followed by Wave (2), which retraced into the Fibonacci support zone. The retracement respected the 61.80% level at $2.3073 and approached the 70.20% level at $2.2249, indicating a technically sound corrective wave within the Elliott framework. These levels provided a strong foundation for buyers, preventing further downside and signaling the potential completion of Wave (2). Related Reading: Here’s How High The XRP Price Would Be If It Flips Ethereum’s Market Cap Following the corrective phase, the chart projects the start of Wave (3), traditionally the strongest in Elliott Wave theory. Fibonacci extension levels are plotted to define the likely targets for this wave. The 161.80% extension aligns at $3.94, serving as a critical target zone for Wave (3). Additionally, the 261.80% extension near $3.78 further supports this zone as a potential area where bullish momentum might face resistance or temporary consolidation. However, Dark Defender predicts that XRP could rise even higher into the $4.50 region. Upon completion of Wave (3), the chart suggests a corrective Wave (4), which is expected to respect the broader uptrend and drop into the $3.78 to $3.94 region. Subsequently, the final impulsive Wave (5) is projected to extend upon the 361.80% Fibonacci level at $4.9274. This marks a potential high within the current Elliott Wave cycle by the analyst, with the possibility of a surge above $6, where the wave structure could culminate. At press time, XRP traded at $2.55. Featured image created with DALL.E, chart from TradingView.com
The United States Court of Appeals for the Second Circuit has issued an order in the XRP lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. The court has mandated that the SEC must file its appellate brief by January 15, 2025, setting a firm deadline. Ripple Case Update: New SEC Filing […]
On Thursday, October 24, Ripple Labs filed the Civil Appeal Pre-Argument Statement, known as Form C, in its case with the US Securities and Exchange Commission (SEC). This document outlines the critical issues the company intends to present on appeal, each subject to a de novo standard of review, meaning the appellate court will re-examine […]
In a significant development in the ongoing litigation between Ripple Labs and the US Securities and Exchange Commission (SEC), Ripple announced the filing of a cross-appeal against the regulator. This move follows the SEC’s recent appeal of a 2023 ruling by Judge Analisa Torres, which determined that the XRP token, sold by Ripple on public […]
In a long-awaited conclusion to their high-profile legal clash, Ripple Labs and the US Securities and Exchange Commission (SEC) have reached a settlement that will see the blockchain company pay $125 million in civil penalties. Related Reading: Bitcoin Eyes New Records: Staying Above $45,000 Might Be The Catalyst — CEO Ripple-SEC Legal Saga Ends According […]
US-based cryptocurrency exchange Coinbase has made a significant move by reopening XRP trading for New York users despite the ongoing legal dispute between the decentralized platform Ripple and the US Securities and Exchange Commission (SEC). This decision marks a bold step for Coinbase, which had previously suspended XRP trading following the SEC’s lawsuit against Ripple. […]
The Securities and Exchange Commission (SEC) has submitted its remedies reply brief in its ongoing legal battle with Ripple Labs, accompanied by supporting exhibits. This filing marks a pivotal moment in the litigation as it is the final brief before Judge Torres will make her remedies ruling. SEC Files Final Brief As Decision Day Looms For […]