Amid SEC Lawsuit Uncertainty, Ripple Community Anticipates Approval of XRP ETF
The XRP Community is abuzz with excitement as discussions surrounding the possibility of an XRP exchange-traded fund (ETF) gain momentum. A recent poll conducted by XRP Ledger validator @Vet_X0 revealed that 66% of respondents believe that an XRP ETF could become a reality by 2025.
This growing optimism is also reflected in the comments of industry experts, including Nate Geraci, President of The ETF Store Inc., who has observed a shift in sentiment within the crypto community. While last week’s focus was on the denial of Spot Ethereum ETFs, the possibility of Solana (SOL) and XRP ETFs lies ahead.
However, the XRP community is anxiously awaiting a significant ruling in the ongoing SEC vs. Ripple lawsuit, which has been ongoing since 2020. The lawsuit centers around the SEC’s allegations that Ripple sold unregistered securities in the form of XRP. The court’s decision, initially expected in May 2024, has yet to be announced as of May 27. This impending decision has created prolonged uncertainty that weighs heavily on the XRP community. The outcome of the lawsuit also carries significant financial implications, with the SEC seeking a penalty of $2 billion, countered by Ripple’s offer of $10 million.
Despite the growing optimism, XRP’s market performance has experienced some turbulence. On Monday, the value of XRP declined by nearly 2% on Binance, indicating uncertainty in the broader market. The poll conducted by the XRP Ledger validator showed a split sentiment among participants, with 66% expressing optimism about an ETF by 2025 and 34% remaining skeptical. This split reflects the mixed feelings within the XRP community regarding the cryptocurrency’s regulatory and market future.
From a technical analysis perspective, XRP’s indicators suggest a potential uptrend amidst regulatory uncertainty. Since April 18, XRP has consistently achieved higher highs and higher lows, indicating bullish momentum. On Monday, XRP successfully maintained a value of $0.5300, resulting in a 1% gain. The Moving Average Convergence Divergence (MACD) indicator also highlights positive momentum, while the Relative Strength Index (RSI) at 52.11 indicates bullishness. Analysts are currently eyeing a target of $0.5703, which would represent a 7.29% rally from current levels. However, it is crucial for XRP to find support at the low of May at $0.4866 in order to sustain this upward trajectory and prepare for further recovery.
In conclusion, the XRP community is eagerly anticipating the possibility of an XRP ETF, but the outcome of the SEC vs. Ripple lawsuit remains a significant factor in determining the cryptocurrency’s future. Despite market turbulence, technical indicators suggest a potential uptrend for XRP.