By Muhammad Razi 
Ripple’s Recent Filing and Market Reaction
Ripple has submitted a request to file a cross appeal brief in its ongoing legal battle with the SEC, with the deadline set for April 16. While the crypto community is optimistic that the SEC’s new leadership will drop the case against Ripple, there are growing concerns that XRP risks a 15% drop due to increasing bearish pressures from its technical indicators.
XRP Price Weakens After Ripple’s Filing with the US Court of Appeals
XRP’s price showed weakness on Friday after Ripple filed a request with the US Court of Appeals for the Second Circuit. Ripple seeks to submit its cross appeal brief by April 16, following the SEC’s appeal brief against Judge Analisa Torres’s ruling.
Ripple Requests April 16 Deadline for Cross-Appeal Brief
In the latest update in the SEC vs. Ripple case, Ripple has officially proposed to submit its cross-appeal brief by April 16, 2025. The request, made to the US Court of Appeals for the Second Circuit, follows the court’s Rule 31.2(a)1(B).
Ripple’s cross-appeal brief will address the SEC’s points raised in its opening brief, which claims that Judge Torres’s July 2023 ruling was flawed. The SEC argues that Ripple’s XRP sales to retail investors constitute a securities offering.
In addition to the SEC’s appeal, the non-profit group Better Markets filed an Amicus Brief in support of the SEC, urging the court to overturn what it calls the “especially consequential and legally erroneous aspects” of the district court’s decision.
However, Ripple’s Chief Legal Officer, Stuart Alderoty, dismissed the SEC’s appeal as a “rehash of already failed arguments.”
The crypto community remains confident that Judge Torres’s ruling will be upheld, especially under the new SEC leadership. Acting Chair Mark Uyeda has worked to counter the actions of previous SEC leadership under Gary Gensler, and the recent revocation of the controversial Staff Accounting Bulletin (SAB 121) is seen as a win for the industry.
The community expects that the SEC may eventually drop its case against Ripple, given the new administration’s focus on establishing clearer regulatory guidelines for the digital asset industry. Ripple executives, including CEO Brad Garlinghouse, also attended President Donald Trump’s inauguration, potentially strengthening their ties with the current administration.
XRP Faces Potential 15% Decline Amid Bearish Technical Indicators
XRP saw $4.97 million in futures liquidations over the past 24 hours, according to Coinglass data. These liquidations included $2.90 million in long positions and $2.07 million in short positions.
XRP risks a 15% drop as it continues to trade within a key descending channel and consolidates. After a sharp decline last weekend, XRP’s bullish momentum has weakened, leaving the token vulnerable to further price drops.
Support could be found near the channel’s lower boundary at $2.90, with a potential bounce to test the upper resistance level. However, if XRP falls below this support and the $2.90 level, it could see a 15% drop to $2.62.
Key technical indicators reinforce bearish sentiment:
- MACD: The line is approaching a cross below its signal line, with the histogram testing neutral levels. A downward cross could amplify selling pressure.
- RSI: The index remains below its overbought region, signaling room for further declines.
A daily candlestick close above $3.40 would invalidate the bearish outlook.