Ripple announced the acquisition of Hidden Road for $1.25
billion yesterday (Tuesday), a move that stands as one of the largest deals in the
digital assets sector. This acquisition positions Ripple as the first crypto
company to own and operate a global, multi-asset prime broker.
Despite this
major milestone, XRP continues to face challenges in gaining upward momentum,
with the resolution of the ongoing Ripple vs. SEC lawsuit still uncertain.
Recent filings and responses have only added further confusion to the case.
XRP lawyer Bill Morgan shared a troubling update on social
media. He pointed out a contradiction in the statements made by Ripple and the
SEC. Ripple claims that the Appeal and Cross-Appeal are settled, but the SEC
says the matter is still under appeal, Coingape reported.
XRP Lawsuit: Keener’s Evidence Remains Unclear
Last week, Justin W. Keener, an individual linked to the
SEC’s allegations of unregistered penny stock dealing, filed a request. This
filing claims to present crucial evidence that could impact the outcome of the
lawsuit. However, the specifics of this evidence remain unclear, causing
widespread speculation. Experts like Marc Fagel dismissed it as
“spam.”
Such an odd thing that Ripple say the Appeal and Cross-Appeal is settled but the SEC writes to Judge Torres that the matter is still on appeal. Settled but not quite over. https://t.co/TpNv2DcKoE pic.twitter.com/XFAKJAzUUP
— bill morgan (@Belisarius2020) April 9, 2025
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Ripple and SEC Disagree on Appeal
The SEC has rejected Keener’s filing, labelling it improper.
The SEC argued that the issue raised in the filing, involving the court’s
summary judgment and remedies, is currently under appeal. As a result, they
stated that the court cannot act on the matter at this stage.
The discrepancy between Ripple’s and the SEC’s statements
continues to deepen the confusion surrounding the lawsuit’s status.
XRPUSD Double Top May Drive Down
The XRPUSD H1 chart indicates a bounce at 1.61500, followed
by an upward move. However, the price encountered strong rejection at 1.96750,
consolidated, and faced another rejection.
As of now, the price is trading below the consolidation
support, suggesting that 1.96750 may act as resistance for a double top. This
pattern could prompt intraday traders to take short positions, potentially
driving the price lower.
This article was written by Tareq Sikder at www.financemagnates.com.
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