Is XRP ETF Next In Line Despite Ripple vs SEC Lawsuit: XRP Price To Hit $10?
After a few weeks characterized by persistent corrections and mixed signals, the crypto market regained strength last week. The initial climb which saw XRP price reclaim support at $0.5 followed favourable CPI data. A minor correction over the weekend due to profit-taking allowed low-priced entries, thus creating a suitable environment for the climb to $0.54 on Monday.
The impressive performance into this week piggybacked on news surrounding the spot Ethereum ETFs. As reported in the Ethereum price forecast, ETF analysts revised the chances of approval by the Securities and Exchange Commission (SEC) from 25% to 75%.
Although bullish sentiment surrounding the ETF still lingers, XRP faces increasing volatility on Wednesday. This could explain a 3% correction in 24 hours to $0.5313, CoinGecko data shows.
Can XRP Get A Spot ETF?
The approval of the spot Bitcoin ETF in January saw an immediate shift to the potential greenlighting of Ethereum ETFs. Companies doubled down on their efforts to operate the product, including the likes of BlackRock, Bitwise, Franklin Templeton, and more.
The last few months saw little talk about the possible approval of the spot ETF for the second-largest cryptocurrency. Due to the limited communication between the SEC and ETF applicants, experts lowered their optimism.
However, the chances for the Ether ETF approval significantly shot up this week, as Bloomberg analysts including Eric Balchunas cited increasing political involvement in the matter.
Such an approval would mark another major step for Ethereum, but also for the crypto industry. Confidence among stakeholders is poised to increase, hence the speculation for a spot XRP ETF.
The biggest caveat for an XRP ETF is the ongoing Ripple vs SEC lawsuit. Although secondary sales of XRP were determined not to constitute securities in July, Ripple still has a case to answer for direct sales to institutional investors.
In recent case updates, the SEC filed against Ripple’s motion to seal sensitive documents from the public.
As the judge deliberates on the next step in the case, speculation for the next ETF after Ethereum is on the rise. A win for Ripple in the lawsuit will significantly increase the probability of a spot XRP ETF.
Should the SEC triumph, investors may be forced to shift to other potential cryptos like Solana (SOL).
Nevertheless, an ETF for XRP could contribute to the coin’s anticipated rally in 2024 and 2025. Analysts project XRP price to hit a new all-time high and even close the gap to $10 in the bull run.
XRP Price Analysis: Is The Next Breakout Imminent?
XRP hovered above the 20-day Exponential Moving Average (EMA) in blue at $0.5224, underscoring the bullish outlook. A visible Bollinger Bands’ squeeze affirms the likely breakout aiming for $1 in the coming weeks.
A daily close above the 50-day EMA in red at $0.536 might boost the bullish structure in the current and next sessions. As the Bollinger Bands tighten further, they increase the chance and magnitude of the breakout.
Should XRP step above the 200-day EMA in purple, FOMO might ignite a big move narrowing the gap to $1. Key milestones XRP price must bag to validate the long-term uptrend include resistance levels $0.6, $0.7, and $0.8.
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