Despite a positive market sentiment, Ripple’s XRP token struggles to overcome the $0.55 level. The asset has faced a 2.6% correction in the daily chart. However, XRP is still up by 5.3% in the weekly charts, 9.8% in the 14-day charts, and 3.1% over the previous month. Moreover, XRP’s price has surged nearly 40% since February 2023.
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XRP’s slow movements could be due to Ripple’s ongoing lawsuit with the US SEC (Securities and Exchange Commission). The fintech company received a favorable verdict from a district court last year, which stated that Ripple selling XRP to retail clients did not breach securities laws. However, the lawsuit is now in the high court, and investors await a ruling.
Will a spot ETF push Ripple’s XRP to $5?
In January, the US SEC approved 11 spot Bitcoin (BTC) ETFs (Exchange Traded Funds). The development has opened the doors for more crypto spot ETFs in the future. Riple’s XRP is one such token that could get a spot ETF soon.
In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse stated, ‘We would certainly welcome it. It only makes sense there will be other ETFs too. The earliest days of the stock market. You want to typically think about diversifying risk.‘
We may see a sudden surge in the asset’s price if the SEC approves a sport XRP ETF. Moreover, if Ripple receives a favorable ruling from the high court, it will further push the XRP’s price.
Also Read: Ripple (XRP) Predicted to Reach $2 in 2024 Bull Run?
According to Garlinghouse, ‘The SEC has lost consistently. They lost the Ripple case on everything they cared about. It stops when the SEC either realizes they’re losing consistently, or you have Congress lean in and write new legislation.‘
According to Changelly, Ripple’s XRP could reach the $5 mark sometime in 2029, about five years from now. Telegaon, on the other hand, anticipates XRP to breach the $5 level in 2026, about two years from now.