- Ripple nears SEC lawsuit resolution, hinting at a bullish future for XRP and an ETF launch by 2025.
- Whales buy $84 million in XRP, boosting confidence as technical indicators show bullish momentum.
Recent developments, both within Ripple and the broader regulatory environment, suggest that XRP could be gearing up for a significant price surge.
From the progress in Ripple’s legal battle with the SEC to the possibility of launching an XRP ETF, there are multiple indicators pointing towards a bullish future for XRP.
Meanwhile, Ripple CEO Brad Garlinghouse shared updates on the ongoing SEC lawsuit in an interview with Bloomberg.
Ripple has spent over $150 million on litigation, seeking to resolve the legal dispute regarding the classification of XRP.
Garlinghouse indicated that a private meeting with the SEC on 25th July could potentially settle the matter. Judge Analisa Torres has ruled that XRP is not a security in secondary-market sales or sales across exchange platforms, supporting Ripple’s stance.
Garlinghouse emphasized the need for regulatory clarity, holding SEC Chair Gary Gensler accountable for the prolonged uncertainty. While unable to comment directly on a potential settlement, Garlinghouse suggested,
“we can expect a resolution soon.”
This statement has sparked optimism among XRP supporters, potentially influencing market sentiment and future price movements.
Prospects of an ETF
In an interview with Fox Business, Garlinghouse hinted at the possibility of an XRP ETF launching in the U.S. by 2025. The CEO’s comments have fueled speculation and excitement within the crypto community.
The prospect of an XRP ETF is seen as a positive development, potentially driving increased institutional interest and investment.
The approval of Bitcoin ETFs by the SEC earlier this year led to a substantial price increase for Bitcoin. Many believe a similar outcome could occur for XRP if an ETF is launched.
The anticipation of an XRP ETF adds another layer of optimism for XRP’s future price performance.
As of press time, XRP traded at $0.6131, with a 24-hour trading volume of $1,812,382,624. This represents a 1.75% increase in the last 24 hours.
Technical indicators show the 9-day Moving Average (MA) at 0.59560, suggesting ongoing upward momentum. The Bollinger Bands indicate increased volatility, with the price recently reaching a high near 0.65 before consolidating around 0.61.
Source: TradingView
The Relative Strength Index was at 67.66, approaching overbought conditions but not yet at extreme levels. This indicates strong bullish momentum, with room for further upward movement.
Monitoring the RSI and support levels is essential for anticipating any potential corrections or reversals in price.
Whales snap up $84 million in XRP
Recent data from the crypto community reveals significant whale activity, with over 140 million XRP, valued at approximately $84 million, purchased in the past week, according to Ali.
This substantial accumulation by large investors suggests confidence in XRP’s potential for future gains.
Realistic or not, here’s XRP market cap in BTC’s terms
Moreover, the XRP futures open interest currently stands at $793.29 million, a slight decrease of 0.50%. Options volume is $584.98 million, reflecting a 46.56% decline, indicating reduced trading activity or investor interest.
Source: Coinglass
Historically, open interest has shown notable peaks around mid-November and early April, correlating with significant price movements.
Credit: Source link
