- Ripple gains momentum as the SEC acknowledges multiple XRP ETF filings, boosting investor optimism.
- Ripple’s ongoing lawsuit with the SEC remains unresolved, but ETF developments could drive XRP toward its seven-year high of $3.40.
Ripple jumped 6% above $2.70 in early Asian trading on Thursday. The surge came after the U.S. Securities and Exchange Commission (SEC) acknowledged XRP ETF filings from CoinShares, Canary Capital, and WisdomTree.
The SEC is now requesting public comments within 21 days before deciding on these ETF applications. After publication in the Federal Register, a 240-day countdown will begin for approval or rejection.
This follows similar ETF filings from Grayscale and Bitwise. The SEC’s decision on these ETFs could be influenced by its ongoing lawsuit against Ripple.
SEC’s Ripple Case Still Unresolved
Despite changes in the SEC’s leadership, the case against Ripple remains active. The new administration, led by acting Chair Mark Uyeda, has not paused the litigation.
According to Fox Business reporter Eleanor Terrett, the SEC is focusing on cases with urgent court deadlines. Ripple’s next major deadline is April 16, which may explain the delay in further updates on the lawsuit.
Brazil Approves First Spot XRP ETF
While the SEC reviews U.S. XRP ETF applications, Brazil has taken a step ahead. Asset manager Hashdex received approval from Brazil’s SEC to launch the world’s first spot XRP ETF.
This move could attract more institutional investors to XRP. Other countries have already seen XRP investment products, but a spot ETF is a significant milestone.
Ripple Price Eyes $3.40
XRP’s bullish momentum is gaining traction. The remittance-focused token has bounced off the lower boundary of a symmetrical triangle. It reclaimed the $2.55 support level and is now testing $2.72 resistance.
If XRP breaks above this resistance, it could rally toward its seven-year high of $3.40. Technical indicators like the Relative Strength Index (RSI), Stochastic Oscillator, and MACD all point to strong bullish momentum.
However, a rejection at $2.72 could push XRP back to the triangle’s lower boundary. A further drop below $2.55 could send it toward $2.24 or even $1.96.
With the SEC acknowledging multiple XRP ETF filings and Brazil leading the way with a spot XRP ETF, investor optimism is rising. If Ripple maintains its momentum and breaks key resistance levels, a surge toward $3.40 could be on the horizon.
The coming weeks will be crucial as the market watches the SEC’s next moves and XRP’s price action.
