The 30-year-old defender was issued with the ban and a fine of £70,000 on December 23 after the Football Association (FA) found him guilty of four of seven alleged breaches of rule E8(1)(b).
Atletico appealed against the punishment to FIFA, and world football's governing body has cleared Trippier to play while its appeal committee considers the matter.
In the written reasons explaining its independent regulatory commission's decision, which the FA published on Tuesday, it was revealed Trippier told a friend, "Lump on if you want mate" in one of a series messages on a WhatsApp group discussing the progress of his €22million transfer to Atleti in July 2019.
Trippier's claim that the messages were "banter" did not pass muster with the commission and it was discovered one of his friends, Oliver Hawley, placed 10 separate bets between £20 and £65 on the right-back joining Atletico.
Matthew Brady, who asked Trippier, "Shall I lump on you going there?" and two other friends placed further bets ranging from £20 and £300.
"It [the ban] is on hold. We have Trippier back with us," Simeone said.
"I gave him a hug and they will tell me more in the coming days."
However, the former Tottenham player might have to wait for his return to action and will not feature in Wednesday's Copa del Rey tie at Cornella.
"He is training away from the group. Tomorrow, he will not take part in the game," Simeone confirmed.
As part of its investigation, the FA took into account witness statements on Trippier's behalf from England manager Gareth Southgate and Three Lions captain Harry Kane.
So far this season, he has played 19 matches in all competitions for Atletico.