- Ripple’s attempt to reduce its $125M penalty was denied, but XRP shows signs of recovery with bullish technical signals emerging.
- Judge Torres rejected Ripple and the SEC’s motion due to procedural flaws, leaving XRP facing legal pressure but holding key support.
- Despite legal setbacks for Ripple, XRP’s hourly suggests a potential rebound with key indicators flashing buy signals near 2.3000.
Judge Analisa Torres has denied Ripple and the SEC’s joint request to revise a final judgment, keeping legal tensions high. This latest development blocks the dissolution of an injunction and maintains a $125 million penalty. Both parties had hoped to reduce the fine to $50 million after a recent settlement agreement. However, the court rejected their motion as procedurally flawed. Meanwhile, XRP price action signals a potential rebound after enduring steep intraday losses. Despite legal headwinds, technical indicators hint at a possible recovery on the horizon.
Judge Torres Denies Ripple-SEC Settlement Request
Ripple and the SEC filed a joint motion to revise the judgment entered in August 2024. They proposed vacating the injunction and slashing the penalty by 60%. However, Judge Torres ruled the request procedurally improper. She stated that the motion failed to satisfy Rule 60’s strict requirements. Notably, neither party addressed the exceptional circumstances needed to vacate a final judgment.
Additionally, both Ripple and the SEC presented their motion under the SEC v. Citigroup Global Markets precedent. However, Judge Torres emphasized that their strategy misapplied Rule 62.1. Consequently, the court rejected the motion even if jurisdiction were to be restored. The ruling preserves the original penalty and continues to restrict Ripple’s activities.
XRP Reveal Potential Rebound Ahead
Despite bearish legal news, XRP’s technical setup on Binance’s 1-hour presents a different narrative. The token is trading at 2.3130 USDT, after falling by 0.81% within the session. Moreover, intense selling pressure pushed the price as low as 2.2960 before it began to stabilize.
The TD Sequential indicator shows two buy signals near 15:00 and 17:00 UTC. These upward arrows suggest potential reversal zones. Additionally, XRP formed lower highs and lower lows throughout the session, confirming a dominant bearish structure. However, support near 2.3000 remains key. A bounce from this level could ignite a bullish reversal.
Furthermore, the trendline tracking price action shows a steep drop post-15:00 UTC. Yet, current signs of stabilization might hint at short-term strength returning. Resistance now lies between 2.3200 and 2.3400. Reclaiming these levels could shift momentum back toward the bulls.
