XRP Retests Double Bottom While SEC Vote Hangs in Balance

What XRP’s Retest Means According to market analyst DeGram, XRP rebounded from a double-bottom near $3.10 and is consolidating above $3.15 after retesting its breakout channel, with a potential push toward $3.40 if bullish momentum returns. A retest of a double-bottom is bullish as it confirms strong support and validates the reversal. A successful retest signals the breakout is genuine and momentum is building for a move higher. At the time of this writing, XRP was trading at $3.14 with the 3rd-largest cryptocurrency recently hitting the $3.23 resistance zone. SEC Vote Poised to Define Ripple and XRP’s Next Chapter Tomorrow July 31, the U.S. Securities and Exchange Commission will host its regular closed meeting, during which commissioners may vote on whether to withdraw the SEC’s appeal in the long‑running Ripple v. SEC litigation. If approved, this vote would mark the beginning of the end for one of the crypto industry’s most closely watched legal battles and likely deliver a significant boost to XRP’s regulatory clarity and market prospects. The Legal Landscape Ripple Labs voluntarily dropped its cross‑appeal and paid the court’s full $125 million penalty despite a subsequent settlement proposal to reduce that to $50 million being rejected by Judge Analisa Torres in June. While Ripple showed a clear intent to close its chapter legally, the SEC must still formally vote internally before proceeding with its own appeal withdrawal Legal analyst Marc Fagel emphasized that the SEC has not held any alleged secret or multiple closed‑door meetings, contradicting rumors online. He clarified that only a single formal commission vote is required and that vote has not yet occurred. The August 15 deadline, often cited by observers, is not a hard cutoff to finalize the appeal. Rather, it marks the day both parties must file a status report with the appellate court. The SEC could still request more time if needed. Impact on XRP If the SEC votes to drop its appeal during the July 31 meeting, the verdict by Judge Torres that XRP is not a security when sold on public exchanges will finally stand as binding precedent. This clarity could open the door to renewed regulatory confidence, institutional adoption, and faster progress on XRP spot ETF approvals. Market analysts and crypto commentators anticipate a surge in XRP’s value once that decision is formalized. Optimism is already high, with price targets being raised as legal uncertainty fades. Conclusion With the SEC’s closed meeting scheduled for July 31, all eyes are on whether regulators will formally withdraw their appeal. If they do, XRP will gain the long‑sought legal clarity, institutional interest may surge, and price might soar, having retested a double bottom pattern. If not, uncertainty will remain and XRP’s future U.S. trajectory will continue traversing murky waters.

Source: Coinpaper