Ripple in limbo: ETF dreams clouded by SEC lawsuit

Ripple is surrounded by two crucial factors – a legal battle with the US SEC and hopes for ETF approval. Both are linked to each other, except ETFs could take more inspiration if the dispute with the Commission settles at the earliest. Ripple anticipates increased interest in its product following the launch of the first batch of the Spot Ether ETF. This may require some time, as the market may start interacting with a more crypto-friendly administration by then.

The current government has demonstrated a slight shift in its stance, moving closer to recognizing the sphere of influence. This development follows Donald Trump’s suggestion that the administration lacks awareness and understanding of the sphere. What remains to be seen is how much they influence the agency into letting factors slide and enabling the market to flourish.

Ripple versus the SEC could be a turning point for every altcoin, as it signals whether they are securities or commodities. The Court needs to uphold the decision and grant a Motion to Dismiss to Coinbase to bring optimism to the ecosystem. This pertains to Coinbase vs. SEC, further taking confidence from the kind of response their crypto awareness campaign received in 2023.

It was revealed that almost 52 million Americans owned crypto. This reflects a large number of voters that no administration wants to disappoint.

The SEC is planning to appeal against the ruling. More crypto ETFs could follow if the final verdict is favorable.

XRP continues to experience fluctuations. It was last seen listed at $0.5253, with a dip of 0.42% in the last 24 hours. It also reflects a 2.62% drop in the last 7 days and a 0.41% surge in the last 30 days. It could potentially test the $0.52 resistance for the next couple of days. Another lower margin is $0.50. Falling below that level would potentially open the door for a further decline.

If it maintains its current momentum, it is poised to surpass the $0.6 milestone. It would pave the way for a high of $0.8 by the end of this year, that is, 2024.

With a 14-day RSI of 57.93 and a 50-day SMA of $0.532395, the volatility is hovering around 2.26%. Sentiments are bearish, as the token has seen red trades for 15 out of 30 days. The Fear & Greed Index is greedy, with 74 points to its name. Overall, it could bounce as high as $0.646968 in the next 30 days, marking a 20.75% jump.

It is critical for the token to first reach the psychological milestone of $0.665907 within the next five days.

The market cap is down by 0.32%, and the 24-hour trading volume is up by 53.44% for XRP. Practically all eyes are focused on the Court’s verdict and the latest developments in the ETF sector.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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