XRP price struggles to find direction as the tide turns for the eighth-largest crypto, boasting $26.5 billion in market capitalization. This hinges on the foreseeable XRP ETF and the Ripple vs SEC lawsuit which is close to trial.

Sentiment in the crypto market is largely negative with major coins like Bitcoin and Ethereum seemingly searching for a mid-year bottom. BTC price briefly lost support at $60,000 this week, extending the correction from $70,000.

The sell-off attributed to investors’ disappointment in the macro landscape of the global economy, especially in the US, saw Ethereum plunge below $3,300 support.

Despite inflation easing in the United States, the Federal Reserve is uncertain when to begin interest rate cuts. The bank also revised costs from 3 to only 1. Optimistic economists predict a rate cut in September while pessimistic market watchers are looking toward the end of the year.

Factors Likely To Drive XRP Price To $10

Holders of XRP are optimistic the token held back by a longstanding lawsuit between Ripple, the issuing company, and the Securities and Exchange Commission (SEC), could eventually blast towards a new dispensation rising to $10.

The case filed in December 2020 finally reached the trial stage with the SEC dropping its initial $2 billion penalty proposal to $102.6 million. Ripple’s attorneys had proposed $10 million, slightly below 10% of the regulator’s new figure.

Despite entering this critical stage, it is impossible to tell when the case will be laid to rest.

Meanwhile, Ripple’s CEO Brad Garlinghouse who is a defendant in a separate lawsuit in California believes a spot XRP ETF is inevitable. According to, Ripple’s Senior attorney, Stuart Alderoty, “The CA judge dismissed all allegations suggesting that Ripple violated federal securities law. The NY ruling that XRP is not a security stands undisturbed.”

Many pro-Ripple lawyers have faulted Gary Gensler, the Chair of the SEC for his actions against cryptocurrency firms and executives. They argue that if Gensler was “working for the American people” he would not have missed the gross misconduct at the defunct FTX exchange. Alderoty in an X post on June 26 said the court is finally unmasking Gensler for surpassing his “statutory authority.”

Note to @GaryGensler: The courts aren’t “adjusting”…they are finding that you are breaking the law by exceeding your statutory authority. https://t.co/rne7JRygm2

— Stuart Alderoty (@s_alderoty) June 26, 2024

Secondary sales of XRP on third-party platforms such as cryptocurrency exchanges were cleared last July in a partial ruling that determined they do not constitute securities.

Ripple is still in court for its role in selling XRP directly to institutional investors. It is not clear whether the outcome of the trial will tame Garlinghouse’s ambitions for a spot XRP ETF.

As for investors, an XRP ETF would give the token more legitimacy as a cryptocurrency just like Bitcoin and Ethereum. VanEck filed for a Solana ETF on Thursday, raising the stakes for larger altcoins including XRP, Cardano, and Dogecoin.

XRP’s rally to $10 would depend on the general market sentiment, increased demand, and FOMO among investors. It might also take longer to achieve this incredible feat.

XRP One The Move After Defending Key Support

XRP price is seen nurturing an uptrend from support between $0.45 and $0.46. This optimistic outlook comes after an extended correction from $0.75—a peak achieved in March.

XRP price chart | Tradingview

XRP’s bounce back is expected to gain momentum as the Relative Strength Index (RSI) rebounds from the oversold region. Traders would affirm the uptrend after the RSI breaches the descending trendline and the price climbs above $0.5 resistance.

The post XRP Price To Hit $10, Eyes On Ripple Vs SEC Lawsuit, XRP ETF appeared first on CoinGape.

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Filed under: News - @ June 28, 2024 4:25 pm