- XRP is trading at $3.11, down by over 1.50%.
- Ripple has requested an April 16 deadline for its cross-appeal brief in the Ripple vs. SEC lawsuit.
Ripple Labs has requested an April 16 deadline to file its cross-appeal brief in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The company intends to challenge the court’s classification of its institutional sales of XRP as investment contracts, which resulted in a $125 million fine.
Notably, Ripple’s CEO, Brad Garlinghouse, and co-founder, Chris Larsen, have expressed their support for the company’s extension request. Their backing underscores Ripple’s commitment to contesting the SEC’s claims and seeking clarity on XRP’s regulatory status.
If Ripple’s cross-appeal is successful, could lead to greater regulatory clarity for cryptocurrencies, offering a clearer framework for projects navigating compliance requirements in the U.S.
The filing states,
“I write on behalf of Appellee-Cross-Appellant Ripple Labs Inc (“Ripple”) concerning the above appeal and cross-appeal. Under this Court’s Rule 31.2(a)(1)(B), Ripple requests a due date of April 16, 2025 for its brief. I am authorized to state that Appellees Bradley Garlinghouse and Christian A. Larsen join in this request.”
On the other hand, Ripple’s XRP remains within the bearish trap, marking a 24-hour plunge of over 1.50%. In the early hours, the altcoin visits its daily high of $3.20. Eventually, it fell back to a low of $3.09. At the time of writing, XRP trades at $3.11, with the daily trading volume resting at $5.66 billion.
Can XRP Stage a Rally?
The four-hour trading of XRP reports the in-progress negative sentiment, and the altcoin suffers to break the $3.20 level. Suppose a mighty downtrend emerges, the asset could face a steady pullback, retesting the $3.04 range. It may lead to further revisiting of XRP’s former lows.
If the current momentum reverses, the asset could hit new highs. In such a case, XRP might climb and retest the crucial $3.20 resistance. If a durable uptrend occurs, the altcoin could push its price to break through pivotal resistance levels and secure between $3.35 and $3.40.
XRP’s Moving Average Convergence Divergence (MACD) line is below both the signal line and the zero line. It indicates bearish momentum, but as the signal line is above the zero line, the overall trend might remain neutral or slightly bullish.
Moreover, the Chaikin Money Flow (CMF) indicator determines the capital flow is stationed at 0.06 suggesting a positive flow and mild buying pressure within the market. In the meantime, XRP’s daily trading volume has decreased by over 36.48%.
Besides, the daily trading frame displays the short-term 9-day moving average beneath the long-term 21-day moving average. XRP is in the neutral zone as the daily relative strength index (RSI) is settled at 47.72. The asset is neither overbought nor oversold.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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