As major cryptocurrencies, including Bitcoin and XRP, post gains today, Grayscale Investments has filed a legal challenge against the U.S. Securities and Exchange Commission after the regulator paused approval of its Digital Large Cap Fund.

The fund, which includes Bitcoin, Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term, XRP, Solana, and Cardano, was initially approved by the SEC’s Division of Trading and Markets but was later stayed pending an internal review.

XRP Nears Psychological $3 Level

XRP has approached the key psychological level of $3. According to the H1 XRP/USD chart, the asset opened the day at 1.54350 and began moving upward from the second hour of trading. Bullish momentum increased following a breakout above 2.60000.

After a brief pullback, a bullish engulfing candle pushed the price to 2.980000. As of writing, the price faced strong resistance at the day’s high. However, current price action suggests another test of the $3 level may be likely.

Analysts See XRP Retesting $3.40

Market analysts have identified a symmetrical triangle pattern in XRP’s monthly chart, indicating a possible breakout. The current consolidation phase has lasted over 330 days, and some chart watchers suggest a move could occur between July and mid-September, based on typical pattern resolution timelines.

With recent price momentum, some analysts believe XRP could possibly retest the earlier high of $3.40, depending on how the pattern develops in the coming weeks.

You may find it interesting at FinanceMagnates.com: Why Is Crypto Going Up Today? Bitcoin Hits ATH, XRP at 2-Month High, Ethereum and Dogecoin Follow.

🚨 Grayscale pushes SEC to lift pause on its multi-crypto ETF.
Lawyers call the delay harmful to investors & threaten legal action.
The fund includes $BTC, $ETH, $SOL, $ADA, $XRP.

Could this unlock the door for $DOGE, $PENGU & others? 👀 pic.twitter.com/Rla1Xr8oac

— CryptoPotato Official (@Crypto_Potato) July 11, 2025

Legal Team Presses for Approval Recognition

Grayscale’s legal team has argued that the approval should be considered final, as the SEC missed its legal deadline to act. The company has requested that the SEC recognize the approval as effective and is exploring legal options to lift the stay and move forward with the fund.

Regulatory Pause May Impact Other Products

The SEC’s pause may delay the launch of similar products, creating uncertainty around regulated access to digital assets. The case highlights regulatory challenges for crypto-related funds and may influence future decisions on digital investment products.