XRP Price Rises Amid Speculation of SEC v. Ripple Lawsuit Settlement

XRP’s value surged to $0.5338, marking a nearly 5% increase for holders within the week. Legal experts speculate on a potential settlement in the SEC v. Ripple lawsuit, which may have contributed to the positive sentiment surrounding XRP. Lawyer James Murphy, appearing on the “Thinking Crypto” podcast, suggested the likelihood of a settlement this year, especially considering it is an election year. He argued that new leadership at the SEC could influence the lawsuit’s outcome. This anticipation of a resolution is seen as a catalyst for XRP holders, indicating a potential end to the legal dispute. Additionally, attorney Fred Rispoli analyzed the implications of the SEC’s actions, suggesting potential restrictions on Ripple’s operations and emphasizing the high stakes for the payment company. From a technical perspective, XRP’s price is anticipated to rally by 6%, targeting resistance levels at $0.5629 and $0.6012, supported by indicators like the Awesome Oscillator and MACD.

XRP

XRP/USDT 1-day chart 

A daily candlestick close below support at $0.4968 could invalidate the bullish thesis for XRP price.

CRYPTO ETF FAQS

What is an ETF?

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Is Bitcoin futures ETF approved?

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Is Bitcoin spot ETF approved?

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.

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