XRP gains nearly 2% as traders digest SEC appeal timeline in lawsuit

XRP registered a gain of nearly 2% as traders react to the information provided by Ripple’s Chief Legal Officer regarding the SEC lawsuit and the appeals process. Stuart Alderoty stated that the case could extend until July 2025. XRP holders are also digesting Ripple’s cross-appeal and the announcements made at the Swell 2024 event. Following these developments, XRP’s price climbed back above $0.5400 on Wednesday. The altcoin had been trading within a rangebound pattern for the past two and a half months, but technical analysis suggests that it could potentially gain an additional 8.42% and reach the psychologically significant level of $0.6000. This positive momentum is reflected in the bullish signal from the Moving Average Convergence Divergence (MACD) indicator. The market is closely monitoring the SEC’s next move, as tomorrow is the regulator’s last day to file Form C outlining what it plans to appeal. Overall, XRP’s performance is heavily influenced by news related to the SEC lawsuit and Ripple’s efforts to launch its stablecoin project.