Following criticism from Ripple executives over the SEC's refusal to postpone its appeal filing, the XRP price surged 11% in the last 24 hours to trade at $2.7998. The surge comes amidst an ongoing legal battle between the blockchain company and the SEC, with the impending resignation of SEC Chair Gary Gensler on Jan. 20. Ripple's chief legal officer, Stuart Alderoty, labeled the decision a "waste of time and taxpayer dollars" but expressed confidence in their position on appeal. The company's stance on the matter remains strong despite the change in leadership at the SEC.
JPMorgan predicts that an XRP ETF could attract billions in investments based on the success of Bitcoin and Ethereum ETFs. Ripple President Monica Long has also mentioned increasing adoption of XRP in traditional finance, with multiple firms actively filing for XRP ETFs. However, the approval process for an XRP ETF remains uncertain due to ongoing legal battles with the SEC. Analysts predict that if approved, the XRP price could reach $3.66, with some expecting it to break through key resistance levels.
Four-sentence summary: Ripple's XRP is up 5% after positive news surrounding its ecosystem and a prediction of significant inflows if an XRP ETF gains approval from the SEC. The token has also seen $8.06 million in futures liquidations in the past 24 hours, with long liquidations outweighing short liquidations. As XRP approaches key resistance levels, investors are anticipating a rally to new all-time highs, supported by bullish technical indicators.
Bitcoin has surpassed the $100,000 mark, driven by a mix of political and economic developments in the US, including the appointment of a pro-crypto SEC Chair and the embrace of digital assets by institutional investors. Along with BTC, other tokens like SOL and XRP have also seen significant gains in the past month. Experts predict a continued upward trajectory for Bitcoin, with global factors also contributing to its growth. Indian investors are advised to carefully navigate the volatile market and take advantage of the growing acceptance of cryptocurrencies.
Despite ongoing legal battles with the SEC, Coinbase has reintroduced XRP trading in New York, making it available to 20 million residents in partnership with the state. This move is seen as a victory for Ripple, which has been accused of illegally selling XRP. The decision by Coinbase could have a significant impact on the price of XRP, which is currently trading at $0.52. However, investors should keep in mind that investing in cryptocurrencies is speculative and comes with risks.
In a strategic collaboration, Ripple and HashKey DX have announced a partnership to bring advanced blockchain-powered supply chain finance solutions to Japan. Utilizing HashKey Group's successful platform in mainland China, the partnership aims to leverage the capabilities of the XRP Ledger (XRPL) to introduce innovative and cutting-edge solutions for businesses in Japan. With over 4,000 registered companies and $7 billion in trade facilitated, the partnership is poised to make a significant impact on Japan's enterprise landscape.