- XRP traders are still trading as if an XRP ETF approval by the SEC is inevitable, with the token’s price surging in recent days
- Analysts believe the market is betting on an XRP ETF approval and a less hostile SEC under a potential new leadership after the U.S. presidential election
- Some analysts predict XRP could climb as high as $0.86 by the end of the year if it can surpass the resistance level at $0.68
The market is putting all its chips on the table for an XRP ETF approval and a less hostile SEC, one analyst told Decrypt. XRP traders are still regarding an ETF approval as inevitable, analysts noted, as the token has jumped 7% over the last 24 hours.
XRP Price Action
The coin has been trading with a clear uptrend ever since Republican candidate Donald Trump won the United States presidential election. One thing that has been holding the XRP price back for years is its ongoing legal dispute between its creator Ripple and the United States Securities and Exchange Commission (SEC).
Ripple proponents rejoiced when a judge issued a summary judgment concluding that the company’s sales of XRP to retail investors on digital asset platforms did not violate US securities laws. Still, this was soon favored by the regulator filing an appeal.
Analyst Comments
Pav Hundal, lead analyst at Australian crypto exchange Swyftx, told Decrypt that the market is putting all its chips on the table for an XRP ETF approval and a less hostile SEC. He added that the exchanges personnel noticed trades rotating from Solana (SOL), Ethereum (ETH) and Dogecoin (DOGE) to XRP.
Hundal concluded that these next few days will test the conviction of investors.
Ryan Lee, chief analyst at Bitget Research, told Decrypt that he predicts XRP could climb as high as $0.86 before the end of the year. XRP has recently been fluctuating between $0.60 and $0.70. Analysts suggest that if it can surpass the resistance level at $0.68 there is potential for further price increases, he said.
Regulatory Outlook
With the imminent change of leadership in United States politics, XRP traders are optimistic that the SEC may soon stop insisting in court that XRP is a security. President-elect Donald Trump said he would fire Gary Gensler on day one, referring to the chairman who led the regulator on its crypto crusade.
Trump can’t actually fire Gensler, but analysts are now hypothesizing he will voluntarily leave his post in the next 6 months. The litigation team looks at each case and recommends to either settle or dismiss each and brings their recommendations to the Commissioners who then vote yay or nay, suggested Jeremy Hogan, attorney and partner at legal firm Hogan & Hogan.
Regarding Ripple’s specific case, he expects it to be settled for the judgment amount of $1.25 million. It would be awkward to settle for less than what was already awarded by a Court, Hogan concluded.
Conclusion
XRP traders remain bullish on approval for an ETF tracking the cryptocurrency. The market has seen increasing momentum for XRP amid hopes for a resolution to the long-running SEC lawsuit under a new administration. While the regulatory outlook remains uncertain, analysts are optimistic the price could continue to climb higher if key resistance levels are broken.
