XRP Surges 13% as Ripple-SEC Legal Battle Pauses for 60 Days

In a recent update, a prominent crypto commentator and trader, Ripple Pundit, provided insights into the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), highlighting both the legal and market implications for XRP. The legal proceedings have been temporarily paused for 60 days, allowing the SEC additional time to produce a critical report. This pause does not signify a resolution but marks a notable halt in active litigation and offers a window for progress toward a settlement.

The 60-day pause in legal proceedings has had a favorable impact on market sentiment surrounding XRP. The asset has appreciated by 13% over the past week, which Ripple Pundit attributes to the temporary easing of legal pressure and Ripple’s ongoing business activities, including new strategic alignments. Despite the legal uncertainty, Ripple is moving ahead with its business agenda, particularly focusing on institutional collaborations in the U.S. banking sector.

Ripple Pundit notes that this legal hiatus has opened Ripple to active expansion. The company’s acquisition of Hidden Road, a prime brokerage, clearing, and financing company, is expected to increase transaction volumes on the XRP Ledger. Additionally, Ripple is engaging in further strategic partnerships, including a recent association with Chipper Cash, a financial technology firm with growing influence in African markets. These moves suggest that Ripple is focusing on broadening the use case for XRP despite the unresolved legal backdrop. While the SEC’s final decision remains a key variable, Ripple appears to capitalize on the current pause to strengthen its infrastructure and global presence. Forward movement on any potential settlement will require the endorsement of SEC Chair Paul Atkins.

At the time of Ripple Pundit’s analysis, XRP was trading at $2.10. The asset showed signs of consolidation, with technical indicators offering mixed signals. The Moving Average Convergence Divergence (MACD) indicates potential for bullish momentum, although overall buying pressure remains neutral. Ripple Pundit identifies $2.20 as a key resistance level, suggesting that a break above it could lead to further upward movement. Conversely, a decline below $2.00 may expose the asset to increased bearish sentiment. As of the latest data, XRP’s price is at $2.07, reflecting a slight decline of 0.74%. This movement underscores the continued volatility and uncertainty in XRP’s near-term outlook. Despite positive developments on the corporate side, market participants remain cautious as the legal narrative has not yet reached a definitive conclusion.

The legal battle between Ripple and the SEC has taken a significant turn with the recent 60-day pause in proceedings. This pause, agreed upon by both parties, is intended to allow for discussions on potential remedies and a settlement. The order, signed by Judge Jose Cabranes, reflects a strategic move by both sides to explore a resolution to the long-standing dispute. The pause in legal appeals is seen as a positive development for XRP, providing a window for both parties to engage in meaningful discussions. The SEC is required to provide a status report on the case within 60 days of the order's issuance, adding a layer of transparency to the process.

The potential settlement between Ripple and the SEC could have far-reaching implications for the broader cryptocurrency market. Legal uncertainty has long been a significant hurdle for XRP, and a resolution could pave the way for increased institutional interest and market liquidity. This is particularly relevant given the recent launch of Asia’s first XRP Tracker Fund, which allows professional investors to gain exposure to XRP without directly holding the asset. Ripple, as an early investor in this initiative, has shown strong support for expanding institutional access to XRP.

The 60-day pause has also sparked optimism about the potential approval of XRP ETFs. Multiple applications are currently under SEC review, and prediction markets indicate an 82% probability that at least one XRP ETF will receive approval. A green light from the SEC could significantly boost market liquidity and attract new capital into XRP, further solidifying its position in the cryptocurrency landscape. From a technical standpoint, XRP is currently trading in a tight channel between $2.05 and $2.12. The 50-day Exponential Moving Average (EMA), currently at $2.07, is acting as dynamic support. While momentum remains subdued, the potential for a bullish move is evident, especially if XRP breaks above the $2.12 resistance level. Key technical levels to watch include $2.23 and $2.34 on the upside, and $1.93 and $1.85 on the downside.

The broader outlook for XRP is improving, with institutional entry via the Tracker Fund, possible ETF approvals, and a potential settlement with the SEC all pointing to increasing confidence in XRP’s long-term viability. While the short-term price may be in a holding pattern, the building blocks for a breakout are falling into place. The 60-day pause in legal proceedings is a critical development that could shape the future of XRP and the broader cryptocurrency market.