Tracking XRP Price Recovery As Ripple Lawsuit Status Report Deadline Nears?

XRP price continues to drop since Judge Torres denied a joint motion by Ripple and the U.S. SEC to dissolve her earlier ruling in favor of Ripple. Would a status report filing in the 2nd Circuit Appeals Court by June 16 trigger a recovery in XRP price similar to earlier filings?

The XRP community actively awaits the filing in both the district court and appeals court, as it could push XRP price to regain the $2.50 level.

Lawyer Reveals What’s Next in Ripple vs SEC Case

Fred Rispoli, a lawyer actively tracking the Ripple vs SEC case, in a post on X said there’s no refiling either by Ripple or the SEC in district court. It has been 10 days since Judge Torres rejected the parties’ request for the motion for an indicative ruling.

However, Judge Torres denied the motion to dissolve the injunction ruling prohibiting Ripple’s unlawful offer and sale of securities entered as part of the court’s judgment. She also denied reducing Ripple’s penalty from $125,035,150 to $50 million.

Moreover, Rispoli highlighted that the upcoming deadline for Ripple and the US SEC to file a status report in the 2nd Circuit looms by June 16.

“If there is nothing pending before Torres when the parties file the status report, the 2nd Circuit only has Torres’ denial of the first request,” added Rispoli. However, the 2nd Circuit will likely extend the lawsuit to another 60 days in case of parties file a motion in the district court.

XRP Price’s Stable Action Amid Altcoins’ Weakness

XRP price action is moving downwards in a channel since Judge Torres denied dissolving injunction in mid-May. Just before a week, the price shot up over 20% in a week due to a joint motion filed by the SEC and Ripple. Typically, a similar leg-up movement happens during the favorable filing.

At present, the price action continues in consolidation mode, below both 50-SMA (green) and 200-SMA (violet). Moreover, the 20-EMA (blue) completed a crossover below the 50-EMA (red). In both cases, indicators signaled a bearish outlook.

However, analysts are optimistic about recovery amid XRP reserve asset and ETF buzz, as well as RLUSD recognition in Dubai. The end of the SEC case and potential settlement have also fueled positive sentiment. The SEC began reviewing WisdomTree’s spot XRP ETF application recently. It offers exposure to XRP without direct token ownership.

Notably, companies such as Webus International, VivoPower, and Wellgistics have revealed their XRP treasury strategy. The positive sentiment negated a severe fall in XRP price to $2.

XRP Price Slips 2%

XRP price fell nearly 2% in the past 24 hours, with the price trading at $2.20 at the time of writing. The 24-hour low and high were $2.19 and $2.26, respectively. Moreover, the trading volume has decreased by 19% in the last 24 hours, indicating a decline in interest among traders.

This happened as Ripple unlocked 1 billion XRP tokens from escrow, increasing supply in the crypto market.

As per Coinglass data, total XRP futures open interest remained mixed with over 2.76% decline in the past 24 hours and buying recorded in the last 4 hours. Analyst Crypto Tony maintained his earlier XRP price prediction to $2.57 as indicators painted a bullish outlook.

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