XRP News Today: Is $1.00 Within Reach Amid Ripple’s Legal Drama?

Is XRP on a $1.00 trajectory?

On Sunday, July 21, XRP advanced by 0.67%. Following a 3.61% rally on Saturday, July 20, XRP ended the week up 14.80% to $0.5979. XRP outperformed the broader crypto market, which gained 10.99% to a total market cap of $2.428 trillion.

SEC vs. Ripple Case Settlement

On Sunday, July 21, investors continued reacting to news of a possible settlement in the Ripple case. The SEC will hold a closed meeting on July 25. Items for discussion include settlement, litigation, and enforcement.

While the Sunshine Notice does not say that Ripple will attend, Ripple CEO Brad Garlinghouse’s recent interview drew interest. The Ripple CEO avoided discussing settlement talks, saying he could not comment.

A favorable settlement could boost XRP demand. Ripple would avoid an injunction prohibiting XRP sales to institutional investors. Furthermore, a settlement would end any SEC plans to appeal case rulings, including the Programmatic Sales of XRP ruling.

On July 13, 2023, XRP surged from sub-$0.50 to a high of $0.9327 in response to the SEC vs. Ripple court rulings. However, XRP fell back to below $0.50 by August on fears of an SEC appeal. Considering the significance of the Programmatic Sales ruling, XRP could retarget $1.00 if the SEC settles.

Is an XRP-Spot ETF Market on the Horizon?

An end to SEC plans to appeal against the Programmatic Sales ruling could also open the door to a US XRP-spot ETF market.

If the SEC settles, it would mean that the SEC agrees with the Programmatic Sales ruling. Judge Torres surmised that.

“Programmatic sales of XRP do not satisfy the third prong of the Howey Test.”

As a commodity, the SEC would have no reasonable grounds to disapprove XRP-spot ETF applications. Ripple CEO Brad Garlinghouse predicted an XRP-spot ETF by 2025. Issuers could file applications sooner if the SEC settles the Ripple case and the status of XRP as a commodity becomes law.

How Would Investors React to an XRP-Spot ETF Application?

A US XRP-spot ETF market would boost demand for XRP. In November 2023, news of BlackRock (BLK) filing an XRP-spot ETF application fueled an XRP breakout to $0.7503. Although the news was fake, XRP price action highlighted the likely market reaction to an XRP-spot ETF filing.

Investors should remain alert as speculation about a settlement influences XRP price trends. Stay updated with our latest news and analysis to manage exposures to the crypto market.

XRP Price Action

Daily Chart

XRP hovered comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A break above the $0.60 handle would support a move toward the $0.6609 resistance level. A breakout from the $0.6609 resistance level could give the bulls a run at the $0.70 handle.

SEC vs. Ripple case-related news requires consideration.

Conversely, a break below the $0.5739 supported level could bring the 200-day EMA into play. XRP could fall through the 200-day EMA to target the 50-day EMA if the SEC does not settle the Ripple case.

With a 14-day RSI reading of 65.89, XRP could rise to the July 17 high of $0.6378 before entering overbought territory.