Excitement Builds as Ripple Holders Anticipate SEC Lawsuit Outcome and Look to XRP ETF Launch in 2025
XRP holders are eagerly anticipating the outcome of the SEC lawsuit against Ripple. Although a court ruling was expected in May 2024, there have been no updates as of May 27. On Monday, XRP experienced a 2% decline in value on Binance.
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In recent developments, a poll conducted by XRP Ledger validator @Vet_X0 revealed that 66% of the 876 respondents are optimistic about the possibility of an XRP ETF in 2025. However, 34% of respondents expressed uncertainty about the altcoin’s potential for ETF approval.
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Nate Geraci, President at The ETF Store Inc, noted a shift in sentiment within the crypto community regarding ETFs. Previously, there was speculation about the denial of Spot Ethereum ETFs, but now there is discussion about the potential for Solana (SOL) and XRP ETFs.
While attention has turned toward the possibility of an XRP ETF approval by 2025, the community is still awaiting the outcome of the SEC vs. Ripple lawsuit. In 2020, the SEC accused Ripple of selling unregistered securities (XRP) to institutional clients and sought $2 billion in penalties. Following Judge Analisa Torres’ ruling that the sale of XRP on exchange platforms does not constitute securities, there is a possibility of the SEC appealing the decision. Ripple has countered the SEC’s demand with an offer of $10 million.
Technical analysis: XRP Aims Almost 7% Profits
From a technical analysis perspective, Ripple is currently in an uptrend that began on April 18. The altcoin has been forming higher highs and higher lows, and momentum indicators on the 1-day timeframe support the potential for gains in XRP price. XRP is currently holding above $0.5300, with the MACD indicator showing underlying positive momentum and the RSI signaling bullishness in XRP’s trend.
The target price for XRP is $0.5703, representing a 7.29% rally from the current level. Should the altcoin experience a pullback, support could be found at the May 13 low of $0.4866, which has historically been a level for recovery attempts.
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Tosin Matthew is a dynamic figure in the crypto sphere, blending content creation with astute analysis. With a sharp eye for market trends and a passion for blockchain technology, Tosin delivers insightful content that educates and empowers. Trusted by audiences for expert guidance in navigating the complexities of cryptocurrency.
