Over the past 24 hours, the XRP price has remained relatively stagnant, rising just 0.84%.
This slowed pace comes as Ripple Chief Legal Officer Stuart Alderoty expressed doubts that the lengthy legal battle between Ripple and the SEC is anywhere near a conclusion.
Indeed, this second circuit of the Ripple SEC case has ground price movement to a halt.
While other notable altcoins have ridden the bullish wave seen since last Wednesday, XRP has crawled, up only 2.04%.
With this lackluster price action, XRP isn’t exactly hot among investors.
However, today’s news has garnered some attention, with an 8.65% boost in trading volume to $1.21 billion.
Ripple CTO Shares SEC Appeal Timeline
In an interview with Fox Business, Alderoty set a timeline for the U.S. Securities and Exchange Commission’s appeal against Ripple.
According to Alderoty, the SEC has until October 17th to file a Form C, “which will give some level of detail about what it plans to appeal.”
Ripple will then have seven days to file its own Form C, presenting additional information about its cross-appeal.
After this, both entities will agree on a briefing schedule. The SEC will have 90 days to file its first brief, and Ripple will respond shortly after.
However, Alderoty cautioned that he “expects them to take the full 90 days.”
Overall, Alderoty expects the full briefing process to “go through July 2025.”
Despite the lengthy timeline, he offered grounds for optimism, claiming to “feel even better about our case in the Second Circuit.”
XRP Price Analysis: Is XRP Still the Play this Cycle?
The move to appeal Ripple has staggered XRP’s impending breakout as it affirms a 4-year symmetrical triangle pattern with a failed retest.
Most significantly, it appears that the bears have taken control of XRP’s next move, as substantial selling pressure triggers a lapse and a continuation of its consolidation.
The Moving Average Convergence Divergence (MACD) line is poised to lose its position above the signal line, suggesting that the bulls may be losing their grip on XRP’s next move.
Given this new direction, it would be reasonable to expect a retest of the lower bound of the pattern, with a hold above the $0.42 support being crucial for a continuation.
From there, XRP stands to continue in its stagnancy, ranging within the bounds of the pattern under the weight of the ongoing Ripple SEC case—much like the first round of the legal battle.
However, the upcoming November 5th U.S. election could provide an early bail-out. This comes with growing bipartisan support for crypto from leading candidates Kamala Harris and Donald Trump, both campaigning for a more favorable regulatory framework.
The regulatory clarity this provides could see a departure from the “cloud of uncertainty hanging over the industry” under SEC Chair Gary Gensler’s controversial approach to regulation.
With this development, a near-term breakout of the pattern seems credible, which could ignite a 225% rally in the coming months, reclaiming the past high of $1.97. However, with fundamental catalysts stacking up in favor of an altseason, the XRP price could go even further.
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