- Ripple’s cross-appeal disputes XRP’s status as an investment contract.
- XRP is struggling with bearish momentum, trading around $3.12.
Ripple Labs has formally moved for an April 16 deadline to file its cross-appeal brief in its high-profile legal battle against the U.S. Securities and Exchange Commission, SEC. The appeal hopes to contest a court ruling that classified institutional sales of XRP into investment contracts ruling that attracts a $125 million fine on its part.
This promise means that Ripple has the will and intent to fight the claims of the SEC and push further for more clarity in regulation with XRP-which may influence the sector even more. Leadership within Ripple, including the CEO Brad Garlinghouse and co-founder Chris Larsen, is supporting the request to extend.
On the filing from Ripple, the firm states, “I write on behalf of Appellee-Cross-Appellant Ripple Labs Inc (“Ripple”) concerning the above appeal and cross-appeal. Under this Court’s Rule 31.2(a)(1)(B), Ripple requests a due date of April 16, 2025, for its brief. I have authorization to state that Bradley Garlinghouse and Christian A, the Appellees, have authorized me to make this statement. Larsen join in this request.”
XRP Market Struggles Amid Legal Developments
XRP is trading lower by more than 1.50% in the last 24 hours and has settled at $3.12 with a daily high of $3.20 and a low of $3.09. The altcoin’s trading volume declined considerably to dip 36.48% to $5.66 billion.
Short-term resistance is $3.20 for XRP. If a bearish trend continues strong, this might find its support at $3.04. But if there is a change in trend, XRP will go up to break the resistance that it could have between $3.35 and $3.40.
Ripple’s litigations closely overlap with fundamental changes in SEC leadership under the acting Chair, Mark Uyeda, who came into office from President Donald Trump. Uyeda is said to have created room for controversies surrounding withdrawn enforcement cases coming into the space.
The more recent steps include a working group to advance a U.S. crypto reserve, and David Sacks as White House AI and crypto czar, following the administration of President Trump, which has become very amiable towards digital assets.
December 2020 marked the beginning of the action when the regulator claimed that Ripple was selling XRP in breach of securities regulations. While this court battle might drag on, it is underlined by Ripple’s latest move, a desire to seek clarification, probably with the hope it might put an end to the dispute.
Ripple’s legal strategy, now going on, and the verdict of its cross-appeal may go a long way in ascertaining what the future might hold for XRP and in general, for its regulatory status.