XRP Soars as Ripple Ends Appeal: What’s Next for SEC and ETF Hopes?
Ripple’s Regulatory Landscape: SEC Appeal and XRP Price Predictions
Ripple’s Transparency with the SEC
Recent developments suggest that Ripple has been more forthcoming regarding its institutional sales, potentially aligning with the SEC’s evolving stance on cryptocurrency. The agency has not raised concerns about Ripple’s activities post-2018, indicating that the company’s current practices may comply with regulatory standards. This situation raises questions about the necessity of lifting the injunction Ripple has sought.
Legal Challenges and Institutional Partnerships
Ripple has initiated a cross-appeal to contest Judge Torres’ decision regarding past institutional sales. This legal maneuver aims to clarify any uncertainties and pave the way for future institutional collaborations.
SEC’s Role in Appeal Withdrawals
Ripple is required to submit its motion to the US Court of Appeals to withdraw its cross-appeal, but the SEC may have additional procedural steps to undertake. Legal expert James ‘MetaLawMan’ Murphy noted that both Ripple and the SEC can dismiss their appeals without court approval. He speculated that both parties might soon move to withdraw their appeals, anticipating that Judge Torres would uphold her previous ruling.
Conversely, former SEC official Marc Fagel indicated that the process could take longer, typically spanning one to two months for the SEC to schedule and vote on the matter. However, given that the SEC has already indicated a willingness to dismiss the appeal as part of a settlement, this timeline could be expedited.
Implications for XRP Price: SEC Appeal and ETF Developments
The future price movement of XRP is closely tied to the SEC’s decision regarding its appeal and developments surrounding XRP-spot ETF applications. Should the SEC proceed with withdrawing its appeal, XRP could aim for its previous peak of $3.5505. Additionally, the approval of XRP-spot ETFs could serve as a significant catalyst for price increases.
On the other hand, if the SEC decides to continue its appeal, XRP might see a decline, potentially dropping to around $1.5.
Current XRP Market Dynamics
Despite recent upward trends, XRP remains below the 50-day Exponential Moving Average (EMA) while staying above the 200-day EMA. This pattern indicates a bearish outlook in the short term but a more optimistic long-term perspective. A breakout above the 50-day EMA could lead to a retest of the May 12 high at $2.6553. Sustaining movement beyond this level could open the door to $3 and the 2025 target of $3.3999.
Conversely, a dip below the 200-day EMA could expose XRP to levels under $2, potentially testing the support at $1.9299. The 14-day Relative Strength Index (RSI) currently stands at 50.26, suggesting that XRP may rise to $2.6553 before entering overbought conditions.
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