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Currently, the XRP Community buzzes with anticipation as discussions related to a potential XRP exchange-traded fund (ETF) are heightened. A poll was recently conducted by an XRP Ledger validator called @Vet_X0, which revealed that 66% of the respondents believe an XRP ETF could be realized by 2025. 

Moreover, this growing optimism is seen in industry experts’ comments, such as Nate Geraci, President of The ETF Store Inc., who has noted a shift in sentiment within the crypto community. Only last week, the focus was laid on the denial of Spot Ethereum ETFs, but Solana (SOL) and XRP ETFs’ possibility lies ahead. 

Awaiting the SEC Lawsuit Ruling

With the building enthusiasm about the potential for an XRP ETF, holders are on edge, awaiting a very significant ruling in the ongoing SEC vs. Ripple lawsuit. The case has been ongoing since 2020, and it focuses on the SEC’s allegations against Ripple, alleging that they sold unregistered securities in the form of XRP. 

The court’s decision was initially expected in May 2024, but it has yet to be announced as of May 27. Therefore, this impending decision gives rise to prolonged uncertainty, which weighs heavily on the XRP community. In fact, significant financial implications are also at stake parallelly, including the SEC’s penalty demand of $2 billion, which was countered by $10 million from Ripple. 

Related: XRP ETF Set for Launch? Analysts Identify Key Catalysts

Market Movements and Poll Insights

Despite the growing optimism, XRP’s market performance has witnessed turbulence. On Monday, XRP’s value declined by nearly 2% on Binance, highlighting uncertainty in the broader market. Also, the XRP Ledger validator’s poll, where 876 had participated, reflected a split sentiment. While 66% showed optimism about an ETF by 2025, 34% were skeptical. Hence, this split sheds light on the mixed feelings within the XRP community about the cryptocurrency’s regulatory and market future.

Technical Analysis: Bullish Trends and Targets

Amid regulatory uncertainty, XRP’s technical indicators point towards a potential uptrend. Since April 18, XRP has been significantly witnessing higher highs and higher lows, which points towards bullish momentum. On Monday, XRP successfully sustained $0.5300, which is nearly a 1% gain. 

Additionally, the Moving Average Convergence Divergence (MACD) indicator highlights positive momentum, while the Relative Strength Index (RSI) at 52.11 indicates bullishness. At present, analysts are awaiting a target of $0.5703, which is a 7.29% rally from current levels. However, support at the low of May at $0.4866 could be essential to sustain this upward trajectory and prepare for further recovery.

Also, check out: Spot XRP ETF to Launch Next? Ripple CEO Drops Exciting Hints

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Filed under: Bitcoin - @ May 27, 2024 7:22 am