Recent developments within Ripple and the broader regulatory environment indicate that XRP’s price may be poised for a significant surge.
Key factors, including Ripple’s progress in its legal battle with the SEC and the potential launch of an XRP ETF, suggest a bullish future for this cryptocurrency.
Ripple Nears Legal Settlement
According to AMBCrypto, Ripple CEO Brad Garlinghouse recently shared updates on the ongoing SEC lawsuit in an interview with Bloomberg. Ripple has spent over $150 million on litigation, striving to resolve the legal dispute regarding XRP’s classification. Judge Analisa Torres ruled that XRP is not a security in secondary market sales or sales on exchange platforms, supporting Ripple’s stance.
Garlinghouse mentioned that a private meeting with the SEC today (July 25, 2024) could potentially resolve the issue. He emphasized the need for regulatory clarity and held SEC Chairman Gary Gensler accountable for the prolonged uncertainty.
“We anticipate a resolution shortly,” Garlinghouse remarked. This comment has generated optimism among XRP supporters, which could potentially impact market sentiment and future price movements.
Potential XRP ETF Launch in 2025
In an interview with Fox Business, Garlinghouse hinted at the possibility of an XRP ETF launch in the U.S. in 2025. The CEO’s comments have sparked speculation and excitement within the crypto community.
The potential launch of an XRP ETF is viewed as a positive development, likely to drive greater institutional interest and investment. The approval of a Bitcoin ETF by the SEC earlier this year led to a significant price increase for Bitcoin. Many believe a similar outcome could occur for XRP if an ETF is launched, adding another layer of optimism for XRP’s future price performance.
As of writing, XRP is priced around $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 MA at 0.59560, indicating sustained upward momentum. Bollinger Bands suggest increased volatility, with the price recently hitting highs near $0.65 before consolidating around $0.61.
The RSI indicator stands at 67.66, approaching overbought conditions but not yet at extreme levels, indicating strong bullish momentum with room for further upward movement. Monitoring RSI and support levels is crucial to anticipate potential corrections or price reversals.
Recent data from the crypto community reveals significant whale activity, with over 140 million XRP, worth approximately $84 million, purchased in the past week. This large-scale accumulation by major investors indicates confidence in XRP’s future profit potential.
Additionally, XRP’s futures open interest is currently at $793.29 million, experiencing a slight decrease of 0.50%.
Option volume is at $584.98 million, showing a 46.56% decrease, which indicates reduced trading activity or investor interest.
Historically, open interest has shown significant peaks around mid-November and early April, correlating with notable price movements.
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