The case between Ripple and the US Securities and Exchange Commission (SEC) continues to be one of the hottest agenda items in the crypto world. There has been a new development in the case recently. The Second Circuit Court of Appeals set a deadline of January 15, 2025 for the SEC to file its application. This decision shows that the SEC is under serious pressure and the Ripple case has become more important than ever. While all this is happening, the growth steps taken by Ripple in the international arena also attract attention.
Legal Conflict Between Ripple and the SEC
In this case between Ripple and the SEC, the SEC appealed the earlier court decision. However, as we reported as Kriptokoin.com, it was noteworthy that XRP requested a new evaluation of its institutional sales. However, there have been misconceptions recently that the SEC missed a filing deadline. The court has now set a clear deadline and emphasized that they should take the issue seriously. However, hopes are high on the Ripple front. Additionally, the company continues its global expansion with a strong stance.
On the other hand, Coinbase CEO Brian Armstrong’s harsh criticism of the SEC left its mark on the agenda. Armstrong said the new SEC chairman should give up unnecessary litigation. He also announced that this would be an important step in regaining the trust of the American people. Such statements in the crypto world increase the expectation that major changes may occur with the upcoming elections. Ripple has achieved a strong growth momentum with the new licenses it received from Dubai. This development further increases the company’s influence in the international market.
XRP Whale Movements and Market Concerns
The XRP community was recently energized by a large whale transaction. Approximately 31.1 million XRP was transferred to Bitso exchange from an unidentified wallet. This giant transfer has a value of $15.8 million. However, such transactions are generally interpreted as selling pressure. XRP investors began to watch with curiosity how the price would be affected.
Ripple’s CEO Brad Garlinghouse says that the approval of the XRP ETF is close. With the approval of Bitcoin ETFs, there are hopes that a similar development could occur for XRP. Grayscale has filed for an ETF that includes XRP. Additionally, this application, if approved, will allow institutional investors to access XRP more easily. This development creates great expectation among investors.
Technical Outlook on Ripple (XRP) Price
XRP price is currently trading at the critical support level around $0.50. Technical analysis shows that the inverted head-and-shoulders formation on the 4-hour chart is seen as a bullish sign. If XRP manages to stay above $0.50 and breaks the neckline at $0.58, a significant trend reversal will occur. However, strong buyer support is required for this move to happen.
Analysts are closely monitoring XRP’s price movements. The CMF indicator is currently neutral, indicating that buyer pressure is not yet sufficient. On the other hand, the Relative Strength Index (RSI) is close to the oversold zone. This reveals that the price has been under serious downward pressure recently. For a possible recovery, it is of great importance that legal developments result in Ripple’s favor and that purchasing interest increases in the market.
