Is there an imminent rebound? $XRP
In a filing submitted to the court on June 16, the U.S. Securities and Exchange Commission (SEC) requested the Second Circuit Court of Appeals to halt proceedings in the ongoing case against Ripple.
This request comes in light of a pending request for a guiding ruling in the district court, further delaying the final decision in the long legal battle. While this means postponing appeals until August, the price of XRP has shown resilience, maintaining its stability over the past twenty-four hours.
Ripple's appeal comment before the Securities and Exchange Commission
According to a filing submitted on June 16, the SEC requested the Court of Appeals to halt ongoing proceedings, citing a pending request for a guiding ruling in the district court. This request effectively halts the appeal proceedings until the lower court decides whether to amend its original ruling.
This development follows Ripple and the U.S. Securities and Exchange Commission (SEC) submitting a joint request on June 12, in which both parties renewed their request for a guiding ruling to overturn the injunction stated in the final verdict.
The U.S. Securities and Exchange Commission (SEC) identified three main reasons for requesting to halt the appeal. These reasons include the proposed settlement between the parties, the notable shift in its approach to enforcing cryptocurrency laws, and the shared interest in avoiding prolonged litigation.
The regulatory authority is now scheduled to provide another status report to the Second Circuit by August 15.
Price stability $XRP before an important ruling
Despite the delay, the price of XRP has not seen any significant declines. It has remained stable as bullish sentiment gradually returns to the market as a whole.
This resilience is also supported by the increasing demand for the altcoin, as investors await the anticipated ruling from Judge Torres regarding Ripple's request to lift the injunction and reduce the proposed fine to $50 million. This decision could serve as a direct catalyst for price movement.
Chain data $XRP revealed a notable increase in user activity on the XRP ledger. According to Santiment, a chain analytics company, the number of active XRP addresses rose to over 295,000 addresses daily on average over the past week, which starkly contrasts with the daily average of 35,000 to 40,000 addresses over the past three months.
Activity of XRP ledger users. Source: X
Additionally, the number of whale and shark wallets (holding at least one million XRP) has risen to over 2,700 wallets, marking the first time in XRP's over 12-year history that such a large accumulation has been recorded by coin holders.
This active activity comes as the market prepares for a potential ruling from Judge Torres.
Moreover, the buy/sell ratio for XRP supports these bullish expectations. This ratio is 1.02 at the time of publication, indicating that more traders are betting on a sustained price increase.
The buy/sell ratio for XRP.
The buy/sell ratio compares the number of long and short positions in the market. When the buy/sell ratio for an asset is above one, the number of long positions exceeds the number of short positions, indicating that traders are primarily betting on a price increase.
XRP stabilizes at $2.22: Is it a bullish setup or a bearish trap before the ruling?
XRP is trading at $2.21 at the time of publication, marking a 1% increase over the past day. With increased network activity and a bullish buy/sell ratio, a positive ruling could lead to a rebound in price.
Ripple (XRP) price analysis.
In this case, the price of Ripple could rise towards $2.29. If it successfully breaks through the resistance level, it may reach $2.45. However, if the decision is unfavorable for Ripple, pessimists may regain dominance and push the coin's price down to $2.08.