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XRP News Today: Legal Shadows and ETF Hopes – Ripple’s Market Forecast

By:
Bob Mason
Updated: May 28, 2024, 02:35 GMT+00:00

Key Points:

  • XRP advanced by 1.04% on Monday (May 27), closing the session at $0.5337.
  • Hopes of an ETH-spot ETF market and a crypto-friendly White House drove buyer demand for XRP and the broader market.
  • SEC vs. crypto case-related news and crypto-spot ETF updates need consideration.
XRP News Today

In this article:

The Monday Overview

On Monday (May 27), XRP advanced by 1.04%. Partially reversing a 2.53% loss from Sunday (May 26), XRP ended the session at $0.5337.

Republican Party Support and an ETH-Spot ETF Market

There was no SEC vs. Ripple case-related news to attract investor interest on Monday.

However, progress toward an ETH-spot ETF market remained an XRP tailwind. Speculation about an XRP-spot ETF market could intensify after the launch of the first batch of ETH-spot ETFs.

A crypto-friendly White House could expedite the evolution of a crypto-spot ETF market. Republican Party front-runner Donald Trump continued to voice support for cryptos, highlighting the importance of the US to lead the way.

Notably, Republican Party support for cryptos may have forced the current US administration to reconsider its anti-crypto position. In 2023, Coinbase (COIN) started a crypto awareness campaign called #StandWithCrypto. The #StandWithCrypto campaign stated that 52 million Americans own crypto, a significant pool for votes.

If the current Administration influenced the SEC to U-turn on its position vis-à-vis ETH-spot ETFs, the SEC could face similar pressure to end its rule of regulation through enforcement. Issuers could seize the opportunity and apply for XRP-spot ETFs.

Nevertheless, the ongoing SEC vs. crypto cases remain a focal point and could impact hopes of the crypto-spot ETF market evolving into a multi-coin market.

SEC plans to appeal against the Programmatic Sales of XRP ruling, and the SEC v Coinbase case could decide whether altcoins are securities or commodities. The crypto-spot ETF floodgates could open if the courts uphold the Programmatic Sales of XRP ruling and grant the Coinbase Motion to Dismiss (MTD).

Moreover, a US Republican Party victory in November could also pave the way to an XRP-spot ETF market.

The Tuesday Session and Court Rulings

Investors should consider SEC vs. crypto case-related news on Tuesday, with the US markets reopening after the Memorial Day holiday.

A court ruling on the Coinbase Motion for Interlocutory Appeal looms. If the court grants the Coinbase motion, Coinbase can appeal against the court denying, in large part, the Coinbase Motion to Dismiss (MTD). A win against the SEC would come at a difficult time for a US Administration and SEC facing a vocally supportive Trump.

XRP Price Action

XRP Weekly Chart sends bullish longer-term price signals.
XRPUSD 280524 Weekly Chart

Daily Chart

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

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

SEC vs. crypto case-related news and crypto-spot ETF chatter need consideration.

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

The 14-day RSI reading, 49.67, suggests an XRP drop to the $0.48 handle before entering oversold territory.

Daily Chart sends bearish price signals.
XRPUSD 280524 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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