XRP News Today: Ripple CEO Forecasts US XRP-Spot ETF Amid SEC Scrutiny

The Sunday Overview

On Sunday (June 9), XRP advanced by 1.06%. Partially reversing a 1.30% loss from Saturday (June 8), XRP ended the week down 2.91% to $0.4980.

US XRP-Spot ETF Market Speculation Intensifies

In recent sessions, US XRP-spot ETF market-related chatter warranted investor attention. Ripple CEO Brad Garlinghouse spoke with Fox Business about crypto-spot ETFs and the prospects of an XRP-spot ETF. Garlinghouse expected an XRP-spot ETF in 2025.

Ripple President Monica Long also commented on the prospects of an XRP-spot ETF, stating,

“I think it would make a lot of sense. If you think about it, only XRP and Bitcoin have regulatory clarity on status in the US. XRP has been a top ten crypto asset by market cap and is in the top five if you look at daily traded volume, so I think that would make a lot of sense.”

Significantly, the Ripple CEO also discussed XRP, its previous position as the second largest crypto by market cap, and the SEC support for ETH, saying,

“I think people also forget that it wasn’t that long ago before the SEC got involved that XRP was the second most valuable digital asset. That was before the SEC kind of anointed ETH.”

The reference to the SEC anointing ETH was poignant. In February, US government whistleblower Empower Oversight announced an Office of Inspector General (IG) investigation into crypto conflicts of interest within the SEC was nearing its end.

Office of Inspector General Investigation Findings Imminent

Empower Oversight filed a lawsuit against the SEC in 2021, alleging that former SEC officials acted biasedly against Ripple and XRP. Former SEC director William Hinman is at the center of the IG investigation. Empower Oversight claimed Hinman received millions of dollars from his former employer, Simpson Thacher. Hinman returned to Simpson Thacher after leaving the SEC.

Hinman was involved in the SEC anointing ETH. In 2018, Hinman famously said BTC and ETH were not securities. Simpson Thacher is part of a group that promotes Enterprise Ethereum.

The outcome of the investigation could draw the interest of Capitol Hill. Furthermore, if the IG finds evidence of crypto conflicts of interest, the SEC could face political pressure to end its plans to appeal against the Programmatic Sales of XRP ruling.

In the Fox Business interview, Garlinghouse discussed crypto and US politics, saying,

“You have seen Trump make this part of his campaign. I think it’s incredibly smart, incredibly strategic. This is a topic that has a lot of passionate people. […]. The Republicans are being very strategic in how they are approaching that. And I think it’s becoming an election issue, which I think is good for the industry and thus driving some momentum in the market.”

An end to SEC plans to appeal against the Programmatic Sales of XRP ruling could be a boon for XRP and the broader crypto market.

XRP Price Action

Daily Chart

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

An XRP move through the trend lines could give the bulls a run at the 50-day EMA. A breakout from the 50-day EMA could signal a move toward the 200-day EMA.

SEC activity, US lawmaker chatter, and SEC vs. crypto case-related updates need consideration.

Conversely, a fall through the $0.48 handle could give the bears a run at the $0.45 handle.

The 14-day RSI reading, 39.64, indicates an XRP drop below the $0.48 handle before entering oversold territory.