- XRP ETF Speculation Grows Amid Pending SEC Lawsuit Verdict
- Ripple Validator Poll Shows 65% Optimism for XRP ETF by 2025
Ripple (XRP) holders are eagerly awaiting a ruling in the ongoing Securities and Exchange Commission (SEC) lawsuit against the payment remittance firm, which has been pending since 2020. The anticipated court ruling, expected in May 2024, remains undisclosed as of Monday, May 27. On the same day, XRP experienced a nearly 2% drop in value on Binance.
Daily Digest Market Movers: XRP Ledger Validator Conducts Poll to Gauge ETF Optimism
A recent poll conducted by a coin Ledger validator on the social media platform X, using the handle @Vet_X0, aimed to measure the community’s optimism regarding the potential approval of an XRP exchange-traded fund (ETF) by 2025. The poll, which garnered 876 responses, revealed that 65% of participants believe an XRP ETF is likely within the next year.
However, 34% of respondents expressed skepticism, indicating uncertainty among some coin holders and market participants about the altcoin’s chances of securing ETF approval by 2025. Nate Geraci, President of The ETF Store Inc., commented on the evolving sentiment within the crypto community, noting that just a week ago, there was widespread doubt about the approval of Spot Ethereum ETFs. Now, discussions have expanded to include potential ETFs for Solana (SOL) and XRP.
XRP Holders Focus on SEC Lawsuit Amid ETF Speculations
While attention has shifted towards the prospect of a coin ETF, the community remains keenly focused on the SEC lawsuit against Ripple. The SEC’s 2020 allegation claimed that Ripple sold unregistered securities (XRP) to institutional clients, seeking $2 billion in penalties. Ripple has countered with an offer of $10 million. A critical aspect of the case involves Judge Analisa Torres’s ruling that XRP’s secondary market sales do not constitute securities, a decision the SEC may appeal.
Technical Analysis: XRP Eyes Nearly 7% Gains
Despite the legal uncertainties, the coin has been in an uptrend since April 18, consistently forming higher highs and higher lows. Technical indicators on the 1-day timeframe support a bullish outlook for XRP’s price. As of Monday, the coin maintained a price above $0.5300, representing a nearly 1% gain for the day. The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, indicating underlying positive momentum.
The Relative Strength Index (RSI) reading of 52.11, above the neutral level of 50, also signals bullishness in XRP’s trend. The immediate target is set at $0.5703, reflecting the highs reached on April 22 and May 6, suggesting a potential 7.29% rally from current levels.
As Ripple (XRP) holders await crucial developments in the SEC lawsuit and speculations about a potential coin ETF continue, the market remains on edge. The outcome of these events could significantly influence XRP’s future trajectory and the broader cryptocurrency landscape.