XRP News Today: XRP Index Launch, SEC Appeal and XRP-Spot ETF Hopes in Focus

CME Group Plans XRP Index Launch

On Thursday, July 11, XRP rallied 2.05%. Following a gain of 0.85% on Wednesday, July 10, XRP closed the day at $0.4487. Significantly, XRP bucked the broader market trend. The total crypto market cap declined by 0.59% to $2.072 trillion.

Investors reacted positively to news of the CME Group launching new CME CF Reference Rates and real-time indices for XRP.

Ripple CEO Brad Garlinghouse shared the news, stating,

“First step towards institutional crypto products is to have a trusted benchmark reference rate. Nice to see CME Group and CF Benchmarks collaborate on this for an XRP index. The market has spoken.”

Did the Ripple CEO hint at a US XRP-spot ETF market?

Investors remain hopeful for a US XRP-spot ETF market. In November 2023, XRP rallied to a high of $0.7503. News of BlackRock (BLK) filing for an XRP-spot ETF boosted demand for XRP. The news turned out to be fake.

Nevertheless, Ripple CEO Brad Garlinghouse has remained optimistic. In June, Garlinghouse predicted an XRP-spot ETF launch in 2025.

However, approval of a US XRP-spot ETF may depend on the SEC vs. Ripple case.

SEC vs. Ripple: Programmatic Sales of XRP Ruling and Spot ETFs

Investors await a verdict on the penalty Ripple must pay for breaching US securities laws. In July 2023, Judge Analisa Torres ruled that Ripple violated US securities laws by selling unregistered XRP to institutional investors.

In the July 2023 ruling, Judge Torres also ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

The SEC plans to appeal against the Programmatic Sales ruling. An SEC appeal may delay the launch of a US XRP-spot ETF.

As background, the SEC filed a Motion for Interlocutory Appeal in August 2023, asking permission to appeal against the Programmatic Sales ruling.

However, Judge Torres rejected the Motion for Interlocutory Appeal in October 2023. The SEC must wait until the end of the Ripple case to file an appeal.

A US XRP-spot ETF market could significantly boost demand for XRP. Additionally, an SEC approval could further cement XRP’s status as a mainstream crypto in the US digital asset space.

Investors should remain alert, with a court verdict pending and a possible SEC appeal on the horizon. Stay updated with our latest views and analysis to manage exposures to the crypto market.

XRP Price Action

Daily Chart

XRP hovered well below the 50-day and 200-day EMAs, confirming the bearish price trends.

A breakout from the $0.45 handle could give the bulls a run at the trend lines and the 50-day EMA. A move above the 50-day EMA could signal a rise to the 200-day EMA. However, selling pressure could increase at the top trend line. The 50-day EMA remains confluent with the top trend line.

SEC vs. Ripple case-related updates and SEC activity need consideration.

Conversely, a break below $0.42 could give the bears a run at the $0.40 handle.

With a 14-day RSI reading of 44.43, XRP could fall below the $0.40 handle before entering oversold territory.