Ripple (XRP) investors are awaiting the verdict in the U.S. Securities and Exchange Commission (SEC) lawsuit against the remittance payments company. A court decision was expected in May 2024, however, as of Monday, May 27, there has been no update.
XRP price is down 2.4% at the time of writing.
Validator on XRP Ledger conducts survey to gauge optimism about ETFs
A validator on the XRP Ledger, using the account @Vet_X0 on X, recently conducted a survey to gauge optimism among market participants. This validator survey received 876 responses, of which 66.1% answered positively to the question “Will there be an ETF for XRP by 2025?”
33.9% of respondents responded negatively, suggesting that a group of XRP holders and market traders are not sure that the altcoin can get ETF approval in 2025.
Nate Geraci, President of The ETF Store Inc, an investment advisory firm, noted that a week ago, the crypto community believed that spot Ethereum ETFs would be rejected, but now there is talk of ETFs for Solana (SOL) and XRP.
While the attention of XRP investors has turned to the possibility of ETF approval for XRP in 2025, the community is still waiting for the verdict in the SEC lawsuit against Ripple.
Background to the SEC's lawsuit against Ripple
In 2020, the SEC alleged that Ripple sold unregistered securities (XRP) to institutional customers and sought $2 billion in compensation. It is likely that the SEC will appeal Judge Analisa Torres's ruling on programmatic sales, in which the judge held that sales of XRP on exchange platforms (secondary trading) were not securities.
Ripple countered the SEC's request for a $2 billion fine with a proposal to pay a $10 million fine.
Technical Analysis: XRP Eyes Nearly 7% Gain
Currently, Ripple is in an uptrend, starting from April 18. The altcoin is consistently making higher highs and higher lows, momentum indicators on the 1-day timeframe supporting the thesis of a bullish trend. increase in price of XRP.
XRP stayed above $0.5300 on Monday, up nearly 1% on the day, and the blue histogram bars on the MACD (Moving Average Convergence Divergence) indicator show positive momentum in Ripple's uptrend.
The RSI (Relative Strength Index) read 52.11, above the neutral level of 50, signaling an uptrend for XRP.
XRP/USDT 1-day price chart
The target is $0.5703, the April 22 and May 6 highs for XRP price, an increase of 7.29% from current levels.
This altcoin may find support at the May 13 low of $0.4866. A liquidity sweep at this level could prepare for a recovery, as the altcoin recovered from similar lows on multiple occasions between April 20 and May 26.
https://tapchibitcoin.io/nha-dau-tu-ripple-cho-phan-quyet-sec-khi-thao-luan-etf-xrp-tang-nhiet.html
