Category: Forex News

XRP News Today: SEC v Ripple Appeal Impact on XRP Forecast and ETFs

Brad Garlinghouse, BlackRock, and XRP-Spot ETFs

In February, Ripple CEO Brad Garlinghouse skirted around questions relating to BlackRock (BLK) and XRP-spot ETFs, saying,

“I’m not going to comment on that, and I know BlackRock has said some things publicly. We think it makes sense for the XRP community overall.”

Considering BTC price action since the January 11 launch of the Nine BTC-spot ETFs, the hint of a move toward an XRP-spot ETF market could supercharge an XRP rally.

Investors experienced a likely XRP reaction to an XRP-spot ETF filing in November. On November 13, XRP rallied to a session high of $0.7503 on fake news of BlackRock applying for an iShares XRP Trust (XRP-spot ETF).

Near-term, SEC v Ripple case-related news will remain the focal point. However, court rulings from other SEC v crypto cases may also affect SEC plans for the US digital asset space. The most high-profile case is the SEC v Coinbase (COIN) case.

Coinbase filed a Motion to Dismiss (MTD) in August, arguing the SEC lacks the statutory authority to regulate crypto exchanges. The door could also open to an XRP-spot ETF market if Judge Failla grants the Coinbase MTD.

The MTD also garnered the attention of Capitol Hill, highlighting the significance of the SEC v Coinbase case. Senator Cynthia Lummis filed an Amicus Brief in August supporting the Coinbase MTD.

Senators Cynthia Lummis and Kirsten Gillibrand proposed the Responsible Financial Innovation Act in 2022. The legislation aims to foster innovation while protecting US retail investors. Significantly, the bill would give the CFTC more powers to regulate the digital asset space.

XRP Price Action

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