- Ripple awaits a crucial SEC vote today, which could lead to an appeal withdrawal, reduced penalties, and lifted sales restrictions on XRP, potentially triggering a price rally.
- Meanwhile, Bitcoin eyes $100,000 amid strong ETF inflows and market optimism.
SEC Closed Meeting: A Pivotal Moment for XRP
Today, May 8, the highly anticipated SEC closed meeting could significantly impact XRP’s future. The U.S. Securities and Exchange Commission (SEC) is set to vote on key elements in the ongoing legal battle with Ripple, including the potential withdrawal of the appeal against the Programmatic Sales of XRP ruling.
The SEC is also considering reducing Ripple’s $125 million penalty and lifting the injunction on XRP institutional sales. These potential outcomes have sparked optimism among XRP investors, who hope for a swift resolution favoring Ripple.
Ripple-SEC Progress: Settlement on the Horizon?
The recent joint motion by Ripple and the SEC to pause the appeal process suggests progress toward a settlement. According to reports, SEC staff have agreed to lift the injunction and reduce the penalty. However, the final decision hinges on a formal vote by SEC Chair Atkins and the Commissioners.
Republican Commissioners Mark Uyeda and Hester Peirce, known for their pro-crypto stance, may influence the vote. This has fueled speculation that the SEC could opt for a favorable settlement, further boosting XRP’s prospects.
XRP Price Outlook: Key Levels to Watch
XRP is currently trading below $2.13, but the outcome of today’s SEC vote could trigger significant price action. A positive decision may push XRP toward $3, while continued uncertainty could maintain downward pressure.
Key support for XRP lies at $2.10, with a breakout above $2.50 potentially sparking a rally toward $3.00. Investors will closely monitor the SEC’s decision, as it could shape XRP’s short-term trajectory.
Bitcoin Eyes $100k Amid Market Optimism
While XRP faces regulatory uncertainty, Bitcoin (BTC) remains bullish. BTC recently rose to $97,349 following Fed Chair Powell’s optimistic comments. With strong ETF inflows and resilient market sentiment, Bitcoin is eyeing the $100,000 mark.
Institutional interest in BTC continues to grow, with key ETFs like ARK 21Shares Bitcoin ETF and Fidelity Wise Origin Bitcoin Fund reporting significant inflows. This strong demand could provide the momentum needed for BTC to achieve a new all-time high.
As the SEC prepares for a pivotal vote, XRP investors are on high alert. A favorable outcome could trigger a rally, while Bitcoin’s continued strength may further boost market sentiment. Traders should keep a close eye on regulatory developments and price movements for both XRP and BTC.
