The SEC’s delay in decisions, combined with leadership shifts, has led to speculation about the agency’s strategy and its impact on Ripple’s case and XRP price.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
The US Securities and Exchange Commission (SEC) recently requested a 60-day pause in its case against Binance. In the case of Lejilex, which has accused the SEC of regulatory overreach, the agency has agreed to delay oral arguments until April 11. This postponement has fueled speculation about the agency’s broader strategy, potentially influencing the outcome of Ripple’s case and XRP price.
This coincides with leadership changes at the SEC and the formation of a dedicated Crypto Task Force, which some believe could lead to an eventual resolution of non-fraud crypto cases. Pro-XRP lawyer James Murphy, known as ‘MetaLawMan’, suggested that the agency may be waiting for Paul Atkins’ confirmation as SEC Chairman before making major decisions.
However, not everyone is convinced. Attorney Bill Morgan expressed skepticism, arguing that if the current SEC commissioners, Mark Uyeda, Hester Peirce, and Jaime Lizárraga, have the authority to vote 3-1 in favor of dismissing cases, there’s no need to wait. He also pointed out that the delay forces Ripple to continue spending resources on legal preparations.
Despite the ongoing legal turmoil, XRP price XRP $2.30 24h volatility: 1.4% Market cap: $132.86 B Vol. 24h: $2.96 B continues to trade within a defined range. At the time of writing, XRP is trading around $2.41, down 3% over the past 24 hours.
XRP price has rallied massively in the past few months, reaching a multi-year high of $3.39. The altcoin is trading below the 20-day EMA ($2.6), indicating short-term bearish sentiment. A breakout above this level could signal a reversal since the 20-day EMA remains a strong resistance zone.
The Relative Strength Index or commonly called RSI indicator reads below 40 suggesting weak momentum. The market is struggling between the bears and the bulls. However, a move above 42-45 could hint at a potential reversal. Additionally, the XRP price is near the lower Bollinger Band ($2.0999), suggesting oversold conditions.
If buyers step in, a bounce towards $2.72 (middle band) or even $3.34 (upper band) is possible. This is because generally, oversold conditions present one of the best entry positions for an asset. Investors are advised to watch out for volume surges and key positions, such as the 20-day EMA.
While the legal battles continue, optimism around an XRP exchange-traded fund (ETF) remains strong. Several major financial institutions, including Grayscale, Nasdaq, and CBOE, have filed applications for XRP-based ETFs with the SEC. Analysts believe that, if approved, such a product could impact XRP’s market liquidity and adoption.
According to prediction markets on Polymarket, the probability of an XRP ETF receiving regulatory approval by 2025 currently stands at 81%.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
