As major cryptocurrencies, including Bitcoin and XRP, postgains today, Grayscale Investments has filed a legal challenge against the U.S.Securities and Exchange Commission after the regulator paused approval of itsDigital Large Cap Fund. The fund, which includes Bitcoin, Ethereum, XRP, Solana, andCardano, was initially approved by the SEC’s Division of Trading and Marketsbut was later stayed pending an internal review.XRP Nears Psychological $3 LevelXRP has approached the key psychological level of $3.According to the H1 XRP/USD chart, the asset opened the day at 1.54350 andbegan moving upward from the second hour of trading. Bullish momentum increasedfollowing a breakout above 2.60000. After a brief pullback, a bullish engulfing candle pushedthe price to 2.980000. As of writing, the price faced strong resistance at theday’s high. However, current price action suggests another test of the $3 levelmay be likely.Analysts See XRP Retesting $3.40 Market analysts have identified asymmetrical triangle pattern in XRP’s monthly chart, indicating a possiblebreakout. The current consolidation phase has lasted over 330 days, and somechart watchers suggest a move could occur between July and mid-September, basedon typical pattern resolution timelines.With recent price momentum, some analysts believe XRP could possiblyretest the earlier high of $3.40, depending on how the pattern develops in thecoming weeks.You may find it interesting at FinanceMagnates.com: WhyIs Crypto Going Up Today? Bitcoin Hits ATH, XRP at 2-Month High, Ethereum andDogecoin 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, 2025Legal Team Presses for Approval RecognitionGrayscale’s legal team has argued that the approval shouldbe considered final, as the SEC missed its legal deadline to act. The companyhas requested that the SEC recognize the approval as effective and is exploringlegal options to lift the stay and move forward with the fund.Regulatory Pause May Impact Other ProductsThe SEC’s pause may delay the launch of similar products,creating uncertainty around regulated access to digital assets. The casehighlights regulatory challenges for crypto-related funds and may influencefuture decisions on digital investment products.This article was written by Tareq Sikder at www.financemagnates.com.