• Ripple wallets holding up to one million XRP are close to their all-time highs on Wednesday. 
  • Legal expert Fred Rispoli expresses concerns about a second round of the legal battle between Ripple and the SEC. 
  • XRP remains range bound below $0.55 on Wednesday. 

Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security. 

About the legal battle, cryptocurrency industry attorney Fred Rispoli said a second round of litigation between Ripple and the SEC is likely. Rispoli added that the payment-remittance firm is in a great position to win the lawsuit, but also that there are “ominous signs.”

Daily digest market movers: Ripple on-chain metrics show signs of investor confidence

  • The number of wallets holding between 1 and 1 million XRP tokens is nearing all-time highs, according to on-chain intelligence tracker Santiment data. 

XRP

XRP wallets holding between 1 and 1 million tokens 

  • Addresses holding small volumes of an asset are typically considered retail wallets. As retail investors’ XRP holdings are near all-time highs, it signals increasing confidence among market participants. 
  • Despite the ongoing legal battle with the SEC and regulatory hurdles faced by Ripple in the US, retail traders have increased their holdings consistently in 2024. 
  • Attorney Fred Rispoli, a legal expert in the crypto community, shared his take on Ripple’s response filed on April 22. Rispoli states that the parties are likely posturing for a second round of litigation as Ripple said in its filing that “Ripple tells Court if SEC wants to sue on the new contracts, it needs to bring a new enforcement action (p16).”

Technical analysis: XRP stuck below $0.55, likely to test resistance

Ripple’s recent uptrend has lost momentum after its price failed on Monday to break above $0.57, a level that aligns with the 100-day Simple Moving Average (SMA). XRP price target is the psychologically important level of $0.60, but before it has to overcome key resistance levels at $0.5574 and $0.5951. These two levels represent the 61.8% and 78.6% Fibonacci retracement of XRP decline from April 9 top of $0.6431 to April 13 low of $0.4188.

XRP price could tackle these resistances on its path to $0.60 and target the April 9 top of $0.6431 thereafter. 

The green bars above the neutral line on the Moving Average Convergence/ Divergence (MACD) indicator show underlying positive momentum in XRP price uptrend. The MACD line crossed over the signal line on Monday. This crossover is typically considered a bullish sign for the asset’s price. 

XRP

XRP/USDT 1-day chart 

A daily candlestick close below $0.5310, the 50% Fibonacci retracement of the decline from the April 9 top to April 13 low, could invalidate the bullish thesis. Further down, XRP could find support at the April 13 low of $0.4188. 

Crypto ETF FAQs

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP