- The SEC’s pause on crypto enforcement hints at a shift, raising speculation about a possible withdrawal of its Ripple appeal.
- Bitwise’s XRP ETF filing acknowledgment signals growing institutional interest, though SEC scrutiny on XRP’s classification remains.
- Analysts predict a volatile yet bullish XRP trend, with projections ranging from short-term pullbacks to a long-term $5.85 target.
Speculation around the U.S. Securities and Exchange Commission (SEC) and its stance on XRP has intensified. It remains to be seen whether the agency will withdraw its appeal in the Ripple case regarding Programmatic Sales of XRP. The recent decision to pause the SEC v. Coinbase case has raised speculation that the agency may take a similar approach to Ripple.
SEC Pauses Crypto Enforcement
John Reed Stark commented on the situation. He noted that the SEC’s enforcement actions in the crypto market are diminishing.
Stark noted that the agency’s three page joint motion in the Coinbase case indicated a shift, stating that the pause would allow the SEC to conduct an “appropriate review.” He suggested that the agency’s case against Coinbase may be nearing its end which may similarly apply for Ripple.
The SEC’s acknowledgment of ETF filings has led to increased optimism. The agency has reviewed 19b-4 applications from Grayscale and 21Shares, supporting XRP’s classification concerns.
The SEC processes 19b-4 filings for assets classified as non security commodities, including Bitcoin and Ethereum. If XRP is deemed a security, ETF applications for the asset could face additional scrutiny.
CBOE and Bitwise Spot XRP ETF Filings
On Tuesday, the SEC acknowledged the filing for a spot XRP exchange-traded fund (ETF) from Bitwise, submitted through the Cboe BZX Exchange. This is another step as firms anticipate regulatory shifts.
If approved, Bitwise’s ETF could provide investors with a regulated spot for XRP exposure. The filing is now subject to a review process. Once published in the Federal Register, the SEC will open a 21 day public comment period.
The agency will then decide whether to approve, deny, or extend its review for up to 240 days. The acknowledgment of Bitwise’s filing follows similar applications from Grayscale and 21Shares. Meanwhile, ETF proposals from WisdomTree and Canary Capital are under review.
The SEC’s willingness to engage with these applications suggests a shift toward greater institutional recognition of XRP. However, the final decision will depend on investor feedback and regulatory compliance.
Analysts Weigh In on XRP’s Market Trends
XRP’s price is volatile despite rising optimism surrounding ETFs. The asset has declined by 0.35%, trading at $2.55 at press time. Analysts have shared their views on XRP’s market movements and potential price action.
According to Steph is Crypto, XRP is in a tightening compression, indicating an impending breakout. Similarly, Javon Marks noted a confirmed hidden bullish divergence, suggesting a possible substantial upward continuation.
CrediBULL Crypto observed XRP’s rejection at local highs, stating that a price sweep to $2.20 or lower could occur before a recovery. However, he maintained that the broader trend will be bullish.
Dark Defender provided a longer term outlook, referencing historical price behavior. He pointed to a key Fibonacci level at $5.85, suggesting that XRP’s movements resemble past market cycles. These viewpoints show a mix of short term caution and long term optimism within the market.
