SEC’s inability to meet the January deadline may lead to a resolution of its long-standing case against Ripple.
This development has raised expectations of significant relief for Ripple’s native cryptocurrency, XRP, potentially paving the way for a bullish price trajectory.
The U.S. Securities and Exchange Commission (SEC) is preparing for a potential December shutdown, as indicated in its operational status update. The SEC warned, “In the event of a federal government shutdown due to a lapse in appropriations, the SEC’s operating status will change concurrently with the rest of the federal government, in accordance with the agency’s plan.”
Ripple Lawsuit Impact As SEC Mulls Shutdown
The agency is currently focusing on maintaining critical operations. Currently, the SEC is preparing to ensure the “continuing operation of certain Commission systems,” which includes the EDGAR. Moreover, despite the shutdown, the agency doubled down on its focus on “market integrity and investor protection components of our mission.”
This development comes as President-elect Donald Trump rejected a proposed federal funding bill. Trump’s decision has increased the likelihood of a government shutdown before he takes office on January 20, 2025.
If the shutdown extends into January, it could impact the SEC’s ability to meet a crucial January 15 deadline in the appeal phase of its lawsuit against Ripple. Thus, legal analysts speculate this might mark the end of the protracted legal battle that began in December 2020, per the CNF report. This could potentially lead to significant relief for XRP, Ripple’s native crypto.
XRP Price To Skyrocket?
XRP enthusiasts and analysts are closely monitoring these developments, with some predicting a bullish trajectory for the crypto if the SEC case concludes. On December 19, XRP whales reportedly purchased 110 million XRP, valued at approximately $250 million, indicating heightened interest in the asset. In addition, $20.50 million in short positions could be liquidated if XRP rebounds to $2.62.
Crypto analyst Dark Defender provided a detailed technical analysis of Ripple’s native crypto XRP’s recent price movements and potential targets. “The correction continues at full speed. In the 4-hour time frame, XRP touched our $2.72 level as expected and bounced towards our support level at $2.17,” he noted in his latest update.
, “Now, $2.17 remains a support level, and XRP can have a double tap on this level. If you see sagging below here, $2.09 will be in play.”
Dark Defender emphasized the significance of breaking resistance at $2.62 to end the correction phase. “The $2.52 level is reduced to the $2.50 level now. So XRP must break here, significantly $2.62, to complete the correction! I will update you when things change.” He also outlined an all-time high (ATH) target of $5.85 for XRP price in the long term if the bullish momentum persists, reported CNF.
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