Ripple's Cross Appeal: XRP's Fate Hangs in Balance Amid Legal Battle

Ripple Faces Cross Appeal Deadline Amid XRP Slump

Ripple Labs has requested an April 16 deadline to file its cross-appeal brief in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). The appeal aims to challenge a court ruling that classified institutional sales of XRP as investment contracts, resulting in a $125 million fine for Ripple. This move signals Ripple's determination to fight the SEC's claims and push for clearer regulation surrounding XRP.

XRP's market performance has been affected by these legal developments. The altcoin is trading lower by more than 1.50% in the last 24 hours, settling at $3.12 with a daily high of $3.20 and a low of $3.09. XRP's trading volume has also declined significantly, dropping by 36.48% to $5.66 billion.

Technical indicators for XRP are sending mixed signals. The Moving Average Convergence Divergence (MACD) suggests bearish momentum, while the Chaikin Money Flow (CMF) shows minor buying pressure with a capital flow of +0.06. Short-term resistance for XRP is at $3.20, with potential support at $3.04 if the bearish trend continues. However, if the trend reverses, XRP could break through the resistance level between $3.35 and $3.40.

The outcome of Ripple's cross-appeal and the regulatory environment under the acting SEC Chair, Mark Uyeda, will significantly impact XRP's future and its regulatory status. Uyeda's appointment has led to controversies surrounding withdrawn enforcement cases and a more amiable stance towards digital assets. Ripple's legal strategy and the verdict of its cross-appeal will play a crucial role in shaping the future of XRP and its regulatory landscape.