XRP News Today: Investor Buzz on SEC’s Crypto Cases and XRP-Spot ETF Prospects

Bob Mason
Published: May 24, 2024, 01:12 GMT+00:00

Key Points:

  • XRP advanced by 0.49% on Thursday (May 23), closing the session at $0.5288.
  • Hopes of an XRP-spot ETF market likely contributed to the gains as investors reacted to the SEC approving the first ETH-spot ETF.
  • On Friday (May 24), SEC vs. crypto case-related chatter warrants investor attention.
XRP News Today

In this article:

The Thursday Overview

On Thursday (May 23), XRP advanced by 0.49%. Partially reversing a 2.05% loss from Wednesday (May 22), XRP closed the session at $0.5288.

IS an XRP-Spot ETF Market on the Horizon?

XRP bucked the broader market trend on Thursday. The total market cap declined by 1.10% to $2,478 billion, while ethereum (ETH) ended the session up 1.29%. Investors reacted to the SEC approving the first ETH-spot ETF.

Investors expect the approval of ETH-spot ETFs to pave the way for an XRP-spot ETF market. The SEC approved the first US ETH-spot ETF despite considering ETH a security.

Bloomberg Intelligence ETF Analyst James Seyffart attributed the SEC U-turn on ETH-spot ETFs to the White House. With the US Presidential Election race heating up, cryptos are a talking point. Earlier this month, Republican Party front-runner and former US President Donald Trump plugged cryptos, saying,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

US BTC-spot ETF market inflow trends may have drawn the attention of the US administration. Since launching on January 11, the US BTC-spot ETF market saw total net inflows of $13,327.2 million.

Notably, Coinbase (COIN) highlighted the significance of the crypto market to Washington in 2023, kickstarting the StandWithCrypto campaign to raise awareness on Capitol Hill.

According to Coinbase, 52 million Americans owned crypto at the time. The numbers are too significant for US President Joe Biden to ignore. A shift in attitude toward cryptos on Capitol Hill could be a boon for XRP and the broader crypto market.

However, the ongoing SEC vs. Ripple case and SEC plans to appeal against the Programmatic Sales of XRP ruling raises uncertainty about the SEC approving an XRP-spot ETF.

It is unlikely that the US Administration will intervene in ongoing SEC cases against cryptos. Nevertheless, the White House could force the SEC to end the regulation through enforcement reign that continues to plague the US digital asset space.

SEC vs. crypto case-related updates could be pivotal to near-term XRP price trends.

SEC vs. Coinbase: Motion for Interlocutory Appeal

Investors await the court ruling on the Coinbase Motion for Interlocutory Appeal. Coinbase filed the Motion in response to Judge Failla denying, in large part, the Coinbase Motion to Dismiss (MTD). In the Motion for Interlocutory Appeal, Coinbase argued that an investment contract requires something contractual.

If the Judge grants the Coinbase Motion for Interlocutory Appeal and wins the case, the White House could have grounds to pressure the SEC into dropping its plans to appeal against the Programmatic Sales ruling. An SEC appeal that coincides with the US Presidential Election could be a headline President Joe Biden may want to avoid.

XRP Price Action

XRP Weekly Chart sends bullish longer-term price signals.
XRPUSD 240524 Weekly Chart

Daily Chart

XRP hovered below the 50-day and 200-day EMAs, sending bearish price signals.

An XRP breakout from the 50-day EMA could give the bulls a run at the 200-day EMA. A move through the 200-day EMA would bring the $0.5739 resistance level into play.

SEC activity and SEC vs. crypto case-related news need consideration.

Conversely, an XRP fall through the trend lines could give the bears a run at the $0.48 handle.

The 14-day RSI reading, 52.18, suggests an XRP move to the $0.5739 resistance level before entering overbought territory.

DAX Daily Chart sends bearish price signals.
XRPUSD 240524 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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