US government shutdown puts Ripple and XRP’s SEC case in question

• Legal analysts suggest that the SEC’s inability to meet the January deadline could lead to the resolution of its long-standing case against Ripple.
• This development has raised expectations of significant relief for Ripple’s native cryptocurrency, XRP, which could pave the way for a bullish price trajectory.

The SEC is preparing for a potential shutdown in December, as described in an operational status update. “In the event of a federal government shutdown due to loss of appropriations, the SEC’s operational status will change in tandem with the rest of the federal government, in accordance with the agency’s plan,” the SEC warned.

The impact of the Ripple lawsuit as the SEC considers a shutdown

The agency is currently focusing on maintaining vital operations. Currently, the SEC is preparing to ensure “the continued operation of certain commission systems,” which includes EDGAR. Moreover, despite the shutdown, the agency redoubled its focus on “the market integrity and investor protection components of our mission.”

This development comes at a time when President-elect Donald Trump rejected the proposed federal funding bill. Trump’s decision increases the possibility 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 the lawsuit against Ripple. Thus, legal analysts expect that this may mark the end of the protracted legal battle that began in December 2020, according to CNF. a report. This will likely bring huge relief to XRP, Ripple’s native cryptocurrency.

Will the price of XRP rise?

XRP enthusiasts and analysts are watching these developments closely, and some are predicting an upward trajectory for the cryptocurrency if the SEC case comes to an end. On December 19, XRP whales reportedly purchased 110 million XRP, worth around $250 million, indicating growing interest in the asset. Additionally, $20.50 million of short positions could be liquidated if XRP rebounds to $2.62.

Cryptocurrency analyst Dark Defender has provided a detailed technical analysis of the recent price movements of Ripple’s native cryptocurrency XRP 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.

He stressed the importance of key price levels. “Right now, the support level remains at $2.17, and XRP could double-click on that level. If you see a pullback below here, $2.09 will be in play,” the analyst wrote.

Dark Defender stressed the importance of breaking the resistance level at $2.62 to end the correction phase. “The $2.52 level has been reduced to the $2.50 level now. So XRP here must break the $2.62 level significantly to complete the correction! I will let you know when things change.” He also set an all-time high target (ATH) of $5.85 for the XRP price in the long term if the bullish momentum continues, I mentioned Knf.

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