XRP is regaining momentum as institutional adoption grows backed by a solid technical outlook and growing speculation about potential spot exchange-traded funds (ETFs).
However, the market is now mostly focused on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
First filed in December 2020, the case is heading toward another pivotal moment as it approaches the August 15 deadline by which the SEC is required to update the appellate court on the status of the dispute.
Ripple vs. SEC August 15 deadline: What does it mean?
The kernel of the problem is the question of whether Ripple’s XRP sales constituted unregistered securities offerings.
A 2023 ruling by the U.S. District Judge Analisa Torres already found that institutional sales did qualify as securities, while programmatic sales on various exchanges did not.
Though Ripple recently withdrew its appeal, the SEC has yet to follow suit.
Judge Torres also rejected a proposed settlement between the SEC and Ripple that sought to lower penalties and dissolve an injunction, adding another layer of uncertainty.
It bears mentioning that the upcoming deadline is not a dismissal date. It is rather a procedural update deadline, even if some legal experts, like the former SEC attorney Marc Fagel, believe the appeals could be dropped by then.
XRP price analysis
In spite of the unresolved legal hurdles, XRP seems to be doing fine. Of course, the partial regulatory clarity from the court’s ruling has strengthened institutional confidence, but the asset shows bullish technicals too.
At press time, XRP is trading at $3.03, having gone up 0.76% in the past 24 hours. However, it’s still down -3.33% on the weekly chart.
In a recent update, crypto trading analyst Master Ananda highlighted that XRP’s ongoing price movements imply early stages of a broader bull market cycle, noting also that the upward move could play out within weeks if momentum continues.
The recovery began after XRP found strong support just above the 0.618 Fibonacci retracement level at $2.71, triggering a rapid rebound. A green daily candle reversed the previous downtrend, and another confirming candle followed, sealing the reversal. XRP then reclaimed the $3 level, which remains a key psychological threshold.
Another analyst, known as “Lord of Alts,” pointed to one of the largest bullish pennant formations seen in months. According to this analysis, XRP is consolidating above key support levels within a tightening range, which suggests a potentially sharp breakout.
Featured image via Shutterstock
