XRP Soars 56% in July on ETF Hopes; Bitcoin Hits $117K Amid SEC Uncertainty
XRP Faces Resistance Amid SEC Appeal Uncertainty
SEC’s Silence on Appeal Withdrawal Raises Concerns
XRP is encountering significant resistance at the $3.66 mark as investor frustration mounts over the SEC’s lack of communication regarding its plans to withdraw an appeal. The upcoming closed meeting on July 24 presents a crucial opportunity for SEC Chair Paul Atkins and the Commissioners to decide on the appeal concerning the Programmatic Sales of XRP.
On June 26, Judge Analisa Torres dismissed the joint request from the SEC and Ripple for an indicative ruling on settlement terms. The question remains whether the agency can finalize its vote and retract the appeal within the four-week timeframe. Former SEC attorney Marc Fagel has cautioned that the agency might require 1-2 months to reach a decision on an enforcement recommendation, noting:
“The timing of when the enforcement staff recommended dismissing the appeal following the Judge’s order on June 26 is uncertain, making it purely speculative.”
Delays in SEC Appeal Withdrawal Impact XRP-Spot ETF Approvals
Despite XRP’s recent price increase, the SEC’s internal procedures could be hindering the approval process for XRP-spot ETFs. It appears that BlackRock may be postponing its iShares XRP Trust filing until the legal case is resolved, which could serve as a significant price driver.
Nonetheless, the expectation surrounding the potential withdrawal of the appeal and the approval of XRP-spot ETFs has positioned XRP favorably compared to its competitors. Currently ranked third in market capitalization at $206.14 billion, XRP has experienced a remarkable 56% increase in July, outperforming Solana (SOL), which has seen a 28% rise, even with the launch of REX-Osprey’s SOL-spot ETF on July 2.
Insights on the Future of XRP-Spot ETFs
Nate Geraci, President of ETF Store, recently shared his thoughts on the promising prospects for an XRP-spot ETF market, highlighting its potential for success.
