Ripple Labs' Legal Fight: What You Need to Know About SEC’s Appeal and XRP’s Market Trends

Overview of Ripple's Legal Situation. Ripple Labs, the company behind the XRP cryptocurrency, has recently taken significant steps in its ongoing legal

Ripple has officially submitted a request to present its cross-appeal brief in the ongoing legal battle against the SEC, targeting a due date of April 16. The cryptocurrency community is buzzing with hopes that the newly established SEC under acting Chair Mark Uyeda might reconsider its case against Ripple, given the agency’s recent pro-crypto initiatives.

The request, directed at the US Court of Appeals for the Second Circuit, follows the SEC’s appeal brief challenging Judge Analisa Torres’s prior verdict. In its argument, the SEC contends that Ripple’s transactions involving the XRP token classify as a securities offering, a position met with resistance from Ripple's legal team. Their Chief Legal Officer, while critiquing the SEC’s stance, has labeled it as a repetition of previously unconvincing arguments.

Amid the court proceedings, XRP's market performance appears shaky, with recent indicators hinting at a potential 15% price drop. Over the past day, XRP experienced $4.97 million in futures liquidations, further stoking concerns about its trading momentum. Currently, XRP trades within a descending channel, with significant support anticipated around the $2.90 mark. A downward breach could propel the token down to $2.62.

With optimism lingering in the crypto sector, Ripple’s prospects remain uncertain but intriguingly dynamic as regulatory scenarios unfold.