- The SEC accelerates the XRP ETF filing process by acknowledging Coinshare, Canary, and WisdomTree applications.
- The new SEC administration has yet to suspend the agency's lawsuit against ripples due to prioritization of cases with imminent court deadlines.
- HashDex has received approval from the Brazilian SEC to launch the world's first Spot XRP ETF.
- XRP could rallies to test a seven-year high of $3.40 if it keeps the company above symmetrical triangle resistance.
Ripple's XRP rose 6% to $2.70 in its early Asian session on Thursday, following accelerated approval by the Securities and Exchange Commission (SEC) for XRP ETF filing. Meanwhile, asset manager Hashdex was able to launch the world's first spot XRP ETF in Brazil after receiving approval from the country's SEC equivalent authorities.
The XRP ETF will take the central stage, as the SEC allows applications
The SEC has granted on behalf of XRPETF submissions from the exchanges of NASDAQ and CBOE BZX. Coin share, Canary capital and WisdomTreeeach for each of the three Wednesday filings on the agency's website.
The agency is requesting comments on these filings after it is published on the next 21 days or on the federal register. A 240-day window opens to decide to approve or reject the filing immediately after the SEC has made it public to the register.
This follows SEC approval of XRP ETF filing from Grayscale and Bitise over the past few days.
The SEC lawsuit against Ripple could play a major role in the agency's decisions regarding these XRP ETF filings.
Previous Gary Gensler-led administration pursued against crypto companies, including Coinbase and Binance, has anticipated similar actions by XRP investors in relation to the agency's litigation against Ripple following the suspension of several lawsuits. Masu.
However, the new administration under acting chairman Mark Ueda has not yet commented on the SEC's appeal against Judge Analisa Torres' ruling with Ripple.
The potential reason for the delay is that the SEC “prioritizes cases at imminent court deadlines.” [as] The next court deadline for Ripple is April 16th,” cites multiple legal sources, according to Fox Business' Eleanor Terrett.
Meanwhile, asset manager Hashdex has acquired green light from the Brazilian SEC and launched the world's first spot XRP ETF ahead of its US counterparts. It is important to note that other forms of XRP investment products are already traded in other countries.
These latest developments aim to recover from the market slump on February 3, which will raise interest among investors in XRP.
Overcoming symmetric triangle resistance could result in XRP being staged at $3.40
XRP saw $80 million in futures liquidation over the last 24 hours for each Coinglass data. The total amounts of long and short liquidations accounted for $1.81 million and $6.29 million, respectively.
After bounced back the lower boundary of the symmetrical triangle, XRP rose 6% over the last 24 hours, recovering a support level of $2.55.
XRP/USDT Daily Chart
The remittance-based token is testing a $2.72 resistance enhanced by a 50-day simple moving average (SMA). If XRP fails to see rejection at this level and divides large amounts of upper boundary resistance of a symmetrical triangle, it can test a seven-year high of $3.40.
If the support level of $2.55 fails, rejecting at $2.72 will cause XRP to return to the lower boundary of the triangle.
The relative strength index (RSI), stoch oscillator (Stoch), and moving average convergence divergence (MACD) are above neutral levels, indicating dominant bullish momentum.
Daily Candlesticks below $2.24 can disable the paper and send XRP to find support near the $1.96 level.
SEC vs Ripple Litigation FAQ
According to a court ruling released on July 14, 2023, this is dependent on the transaction. XRP is security. For retail investors who have purchased tokens via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not security.
The Securities and Exchange Commission (SEC) accused Ripple and its executives of raising more than $1.3 billion for providing unregistered assets in XRP tokens. The judge ruled that sales of the program were not considered securities, but sales of XRP tokens to institutional investors are certainly investment contracts. In this last case, Ripple violated U.S. securities laws and had to pay a civil fine of $125 million.
This verdict will bring partial victory to both Ripple and the SEC, depending on the appearance. Ripple has provided a major victory in the fact that the program's sales are not considered securities, with most of the assets that have been looked at by the SEC crackdown being handled primarily by decentralized entities who have sold tokens to retail investors. So this may not work for the broader crypto sector. Through the exchange platform, experts say. Still, the ruling is not very useful in answering key questions about why digital assets are made secure, so whether this lawsuit will set precedents for other open cases affecting dozens of digital assets. It's not clear yet. Topics like decentralization to the appropriate degree to avoid the “security” label, or places that draw the line between institutional sales and program sales will last.
The SEC has strengthened enforcement measures towards the blockchain and digital asset industries, and filed claims against platforms such as Coinbase and Binance that allegedly violated U.S. securities laws. The SEC claims that crypto assets are mostly securities and therefore are subject to strict regulations. Defendants can use it in favor of some of Ripple's decisions, but the SEC can find reasons to maintain its current regulatory strategy through enforcement.
