XRP Nears Critical SEC Decision: What It Means for XRP and US Spot ETF Prospects?
The CEO of Ripple, Brad Garlinghouse, emphasized the significant change in perception of the US digital asset market on Sunday, January 5.
2025 is here and the Trump bull market is real. For Ripple, this is even more personal after Gensler’s SEC effectively froze our business opportunities here at home for years. The optimism is obvious and very deserved. Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins and others at the helm, and they aren’t even in office yet! Say what you want, but the “Trump effect” is already making crypto great again – through his campaign, and in the Administration’s day 1 priorities.
Garlinghouse
This optimism is reflected in Ripple’s US expansion. According to Garlinghouse, 75% of its available positions are currently located in the US. Additionally, compared to the preceding six months, Ripple negotiated more US deals in the final six weeks of 2024. Growing anticipation that the SEC will drop its appeal against decisions in the Ripple case is probably the reason behind the company’s recent US growth.
XRP’s Future Hinges on SEC Appeal: Will It Soar Past $3 or Dip Below $2?
XRP is still far below its record high of $3.5505 established in January 2018, even if there is growing optimism about the US digital asset market. One obstacle facing XRP is the uncertainty surrounding the SEC’s intentions to contest decisions in the Ripple case. The SEC has until January 15 to submit its opening brief in connection with the appeal. In October, the agency filed a Notice of Appeal, revealing its intention to challenge the verdict on the Programmatic Sales of XRP. Markets anticipate that incoming SEC Chair Paul Atkins could change his mind, even though the opening brief would launch the appeal.
A US XRP-spot ETF market would be possible if the appeal is withdrawn, which would establish the Programmatic Sales of XRP verdict as a significant legal precedent. Moreover, XRP and the larger cryptocurrency market may benefit from the conclusion of the Ripple case and the creation of a US XRP-spot ETF market. If XRP-spot ETFs are approved, the market for crypto-spot ETFs may expand, which might increase demand for cryptocurrencies.
By the deadline of January 15, it is hoped that the SEC will drop its appeal, which could push XRP closer to $3. The coin might surpass its record high of $3.5505 set in 2018 if there is a real withdrawal. On the other hand, if the SEC submits its opening brief, XRP can drop below $2.
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