SEC Decline to Postpone Appeal Against XRP, Brief Begins Today

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MARKETS TREND

The SEC’s refusal to extend the deadline for filing its opening appeal brief against Ripple scheduled today has frustrated Stuart Alderoty,  Ripple’s chief legal officer

Alderoty informed members of the XRP community that the regulatory body, led by Gary Gensler, is still adamant about filing the brief by today. He claimed Ripple contacted the financial watchdog for an extension. The commission, however, declined.

 

The departing SEC chair, who will step down on January 20, was the target of Alderoty’s jab.

He emphasized January 20 as the end of Gensler’s war on cryptocurrency. The SEC’s stance on cryptocurrency may change under new leadership led by pro-crypto activist Paul Atkins.  Alderoty said Ripple intends to work with the SEC leadership under Trump’s administration to settle the long-running legal dispute.

Meanwhile, Ripple revealed that it contributed $100,000 in XRP to World Central Kitchen and GiveDirectly via The Giving Block to support the relief efforts for the California wildfires.

It previously gave $50,000 of RLUSD to the Los Angeles Fire Department (LAFD) Foundation to support first responders on the front lines of the California wildfires.

Price action

The SEC’s impending appeal brief doesn’t worry investors because XRP’s price skyrocketed overnight.XRP is now trading at $2.8, down from its intraday low of $2.5 yesterday.

The remittance-based token is currently nearing the $2.90 resistance level, which is its highest price in six years, and investors anticipate it will reach a new all-time high in the coming weeks.

XRP may overcome the resistance at the $2.9 line if it keeps the upper boundary of the pennant and $2.33 as significant support levels. After that, it might rally to confront $3.55, the strongest resistance it has ever encountered.

 

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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