Hold onto your hats, my fellow crypto enthusiasts, because the U.S. SEC (Securities and Exchange Commission) just gave Bitwise’s spot XRP ETF 19b-4 filing the big thumbs up! 👍
That’s right, you heard it here – the third filing to get the SEC’s seal of approval, following Grayscale and 21Shares. Canary Funds and Wisdom Tree, you’re up next! 🎲
Now, you might be wondering, “What does this mean for Ripple and their ongoing lawsuit?” Well, let me tell you, dear reader, that some experts think this could be the light at the end of the tunnel for our pals at Ripple. 💡
In a recent podcast, Bloomberg ETF analyst Eric Balchunas, quoting Scott Johnson, hinted that this SEC update might just lead to Ripple’s lawsuit getting tossed out the window. You know, like that old toaster you’ve been meaning to get rid of. 🗑️
Johnson, a finance lawyer with a knack for predicting crypto ETFs, seems to think that the SEC can’t exactly approve an XRP ETF if they still see XRP as a security. 🤓
But hey, don’t take my word for it! Polymarket is currently pricing a 78% chance of XRP ETF approval by the end of 2025. 🔮
As for XRP’s price action, it’s been on a bit of a rollercoaster ride, up 416% since last November and valued at $2.5 at the time of writing. 🎢
But let’s not forget about the Exchange Supply Ratio, which has been declining from over 0.032 to 0.028. What does this mean for our beloved XRP? Well, it could suggest that sell pressure is relatively low, which might explain why XRP has managed to hold onto its post-election gains. 📉
However, XRP has been chillin’ in the lower range of its ascending channel for a while now. If the market takes a turn for the worse and BTC starts dumping, we might see XRP drop down to the $2 support zone. 📉
And don’t even get me started on the short-term momentum – it’s looking pretty neutral, according to the directional index indicator and daily RSI. But hey, you never know – BTC could always pull a rabbit out of its hat and reverse those recent losses. 🃏
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2025-02-20 06:18