Despite Hidden Road Acquisition, XRP Struggles as SEC Disagrees on Appeal Status

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

You may want to read at financemagnates.com: Is XRP Going Up as Trump’s Tariffs Raise Talk of Global Financial Shift?

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.