SEC’s lawsuit postponement has sparked speculation on its broader strategy regarding Ripple’s case.
Pro-XRP lawyer James Murphy believes the SEC may be waiting for Paul Atkins’ confirmation before acting.
XRP is trading at $2.41, down 3% in the past day.
The US Securities and Exchange Commission () recently requested a 60-day in its case against . 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 ’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’, 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 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 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 Analysis
XRP price has rallied massively in the past few months, reaching a multi-year high of $3.39. The altcoin is 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.
XRP ETF Hopes Remain High
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%.