- Ripple’s Chief Legal Officer says the SEC lawsuit and the appeals process could go through July 2025.
- XRP holders digest the news of Ripple’s cross-appeal and announcements at Swell 2024.
- XRP gains nearly 2%, back above $0.5400 on Wednesday.
Ripple (XRP) trades above $0.5400 on October 16, Wednesday. The Ripple Swell event announcements and Securities & Exchange Commission (SEC) vs. Ripple lawsuit’s appeal process and its timeline are the key market movers for the altcoin.
Daily Digest Market Movers: XRP gains on Tuesday amidst positive developments
- Stuart Alderoty, Ripple’s Chief Legal Officer (CLO) told Fox Business Journalist Eleanor Terret that the SEC lawsuit and the appeals process is likely to drag until July 2025.
- Terret says Ripple will file its own Form-C, meaning the firm will counter the SEC’s appeal against the final lawsuit ruling from August 2024.
- The executive expects the SEC to take 90 days to file their first brief, this would include all the legal arguments that the regulator makes against the payment remittance firm.
- Ripple will file a response and its own brief and the entire process could go through July 2025.
NEW: Just had a great chat with @s_alderoty of @Ripple who gave me a rundown of the appeals timeline.
The @SECGov’s last day to file Form C (which will give some level of detail about what it plans to appeal) is tomorrow.
Seven days later, Ripple will file its own Form…
— Eleanor Terrett (@EleanorTerrett) October 15, 2024
- At Ripple’s flagship Swell conference this year the firm made announcements about its stablecoin project and how the firm is prepared to launch it post regulatory approval.
- President Monica Long explained how XRP will find utility alongside the stablecoin Ripple USD (RLUSD).
Technical analysis: XRP could gain 8%
XRP trades in a rangebound manner between the $0.6649 resistance (September 29 high) and $0.4319 (August 5 low) for nearly two and half months now. The altcoin could extend its gains by 8.42% and head to the psychologically important $0.6000 level.
If XRP rallies higher, it faces resistance at the September 29 high of $0.6649, a level that has not been tested in over two weeks. The target is the March 2024 peak of $0.7429.
The Moving Average Convergence Divergence (MACD) indicator turned bullish recently, showing green histogram bars above the neutral line. This implies that there is positive momentum in the XRP price trend.
XRP/USDT daily chart
XRP could find support in the Fair Value Gap (FVG) between $0.4780 and $0.5136, if the altcoin faces a correction. XRP could sweep liquidity at the September 6 low at $0.5000, this level has not been tested as support for over a month.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
