XRP News Today: Legal Rulings and XRP-Spot ETF Potential Fuel Breakout

The XRP march toward $0.60 resumed on Monday, July 15. Reversing a 1.05% loss from Sunday, July 14, XRP advanced by 3.34% to close the session at $0.5382. Significantly, XRP has gained 13% in July compared to a 3.2% increase in the total crypto market cap.

SEC vs. Ripple: Court Verdict Pending

Investors await the remedies-related court verdict from the SEC v Ripple case. Judge Analisa Torres ruled in July 2023 that Ripple violated US securities laws for selling unregistered XRP to institutional investors.

Ripple expects the verdict in the coming months, while pro-XRP lawyer Fred Rispoli predicts a July verdict.

Ripple Chief Legal Officer Eased Fears of an SEC Appeal

Previously, investors expected the SEC to appeal against the Programmatic Sales of XRP ruling. In the July 13, 2023, court rulings, Judge Torres concluded that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

In August 2023, the SEC filed a Motion for Interlocutory Appeal against the Programmatic Sales of XRP ruling. However, Judge Torres rejected the motion in October 2023, forcing the SEC to wait until the Ripple case concluded.

On Friday, July 12, Ripple Chief Legal Officer Stuart Alderoty calmed investor fears of an SEC appeal. He said that the SEC told the court it would not challenge the court ruling that XRP is not a security.

Future Prospects for a US XRP-Spot ETF Market

An end to the SEC vs. Ripple case, without legal challenges over XRP’s classification as a commodity, could pave the way for a US XRP-spot ETF market.

CME Group announced on Thursday, July 11, that it will launch new CME CF Reference Rates and real-time indices for XRP.

The CME Group announcement was significant. Ripple CEO Brad Garlinghouse commented on the CME Group’s plans to offer transparent pricing, stating,

“First step towards institutional products is to have a trusted benchmark reference rate.”

Filings for US XRP-spot ETFs could boost demand for XRP.

In November 2023, XRP surged to $0.7503 on fake news of BlackRock (BLK) filing for an XRP-spot ETF. XRP could follow similar price patterns in response to an actual filing.

ETH-Spot ETF Approvals Bring Investors One Step Closer to an XRP-Spot-ETF

On Monday, Bloomberg Intelligence Analyst James Seyffart commented on the pending SEC approvals for ETH-spot ETFs. He said,

“Looks like the launch date for the Ethereum ETFs will be next week on Tuesday, July 23rd.

The SEC approval of the S-1 forms could bring the crypto market one step closer to an XRP-spot ETF market.

Investors should remain vigilant pending the SEC vs. Ripple case verdict. Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP sat above the 50-day and 200-day EMAs, sending bullish price signals.

A move above the $0.5739 resistance level could signal a return to the $0.60 handle. A breakout from the $0.60 handle would bring the $0.6609 resistance level into play.

SEC vs. Ripple case-related updates require consideration.

Conversely, a break below the 200-day EMA could give the bears a run at the $0.50 handle.

With a 14-day RSI reading of 67.03, XRP could return to the $0.55 handle before entering overbought territory.