XRP traders are still regarding an ETF approval as inevitable, analysts noted, as the token has jumped 7% over the last 24 hours and nearly 23% in the past seven days, according to CoinMarketCap data.
The coin has been trading with a clear uptrend ever since Republican candidate Donald Trump won the United States presidential election.
One thing that has been holding the XRP price back for years is its ongoing legal dispute between its creator, Ripple, and the United States Securities and Exchange Commission (SEC).
Ripple proponents rejoiced when a judge issued a summary judgment concluding that the company’s sales of XRP to retail investors on digital asset platforms did not violate U.S. securities laws. Still, this was soon favored by the regulator filing an appeal.
Pav Hundal, lead analyst at Australian crypto exchange Swyftx, told Decrypt that “the market is putting all its chips on the table for an XRP ETF approval and a less hostile SEC.”
SEC Files Last-Minute Appeal in Ripple Case—Why the XRP Army is Outraged
The U.S. Securities and Exchange Commission has filed a last-minute appeal in its ongoing legal sparring with Ripple Labs, seeking to reverse parts of a summary judgment delivered by U.S. District Judge Analisa Torres more than a year ago. Torres’ July 2023 ruling partially favored Ripple by concluding that the company’s sales of XRP to retail investors on digital asset platforms did not violate U.S. securities laws. The court found that these transactions did not meet the legal criteria for an...
He added that the exchange’s personnel noticed trades rotating from Solana (SOL), Ethereum (ETH) and Dogecoin (DOGE) to XRP.
“Global spot volumes on XRP at thirteen times the levels they were a week ago. It’s economics 101. At this stage we’ve seen sellers absent, and demand soar,” he added. Hundal concluded that “these next few days will test the conviction of investors.”
Ryan Lee, chief analyst at Bitget Research, told Decrypt that he predicts XRP could climb as high as $0.86 before the end of the year.
“XRP has recently been fluctuating between $0.60 and $0.70. Analysts suggest that if it can surpass the resistance level at $0.68, there is potential for further price increases,” he said.
21Shares Joins the Race to Launch an XRP ETF With SEC Filing
Cryptocurrency exchange-traded fund (ETF) issuer 21Shares wants to give American investors exposure to XRP. The Swiss firm on Friday filed an S-1 form with the Securities and Exchange Commission (SEC) to launch an XRP ETF. If approved, the 21Shares Core XRP Trust would track the price of the seventh-biggest digital coin by market cap, via shares that trade throughout the day. The firm said in a statement that it "remains committed to working towards expanding U.S. investor access to the cryptoc...
With the imminent change of leadership in United States politics, XRP traders are optimistic that the SEC may soon stop insisting in court that XRP is a security. President-elect Donald Trump said he would “fire Gary Gensler on day one,” referring to the chairman who led the regulator on its crypto crusade.
Trump can’t actually fire Gensler, but analysts are now hypothesizing he will voluntarily leave his post in the next 6 months.
Likely, whoever would take Gensler’s place and be chosen by the very crypto-friendly Trump will be much less inclined to pursue Ripple. Jeremy Hogan—attorney and partner at legal firm Hogan & Hogan—wrote in a recent tweet that he expects Gensler to step down and the new chairman to dispose of all non-fraud crypto cases.
XRP ETFs 'Inevitable' After Bitcoin and Ethereum Approvals: Ripple CEO
Ripple boss Brad Garlinghouse is confident that the U.S. Securities and Exchange Commission (SEC) will approve an exchange-traded fund (ETF) for the cryptocurrency his firm's founders helped create, even if his fintech company has been at loggerheads with the regulator for years. Fund manager Bitwise filed for an XRP ETF at the beginning of the month. The fund, if approved, would trade on a stock exchange and give investors exposure to XRP without actually having to hold the cryptocurrency. Th...
“The litigation team looks at each case and recommends to either settle or dismiss each, and brings their recommendations to the Commissioners who then vote yay or nay,” he suggested. The process would take time, but he believes it may conclude before summer. Regarding Ripple’s specific case, he expects it to be settled for the judgment amount of $125 million.
“It would be...awkward to settle for less than what was already awarded by a Court,” Hogan concluded.
Edited by Stacy Elliott.
