XRP Price Jumps 12% As SEC, Ripple End Landmark Legal Battle, Will BlackRock Join The ETF Race Now?
The XRP price has surged by nearly 12% as parent company Ripple and the US Securities and Exchange Commission have ended their landmark court battle on Thursday.
Ripple and the SEC filed a Joint Dismissal of Appeals with the US Court of Appeals for the Second Circuit, withdrawing their respective claims to overturn the unfavourable portions of Judge Analisa Torres’s original ruling.
Moreover, the co-founder of the ETF Institute Nate Geraci claims that BlackRock will now file its application for the spot XRP ETF as the asset management giant was waiting for more regulatory clarity before joining the race.
After falling to $2.75 earlier this month, the XRP price has bounced back up by more than 20% to trade at $3.35 at press time. It is now one daily close above the $3.30 resistance, away from invalidating all potential bearish scenarios and skyrocketing to new highs.
SEC Vs Ripple Court Case Is Over, Will BlackRock Join The XRP ETF Sweepstakes?
Ripple’s years-long legal battle with the SEC was as good as over when US President Donald Trump won his re-election bid last November.
Trump’s pro-crypto stance, as well as his good relationship with Ripple, meant that the days of anti-crypto policies and regulation by enforcement were over.
Earlier this year, the two parties requested Judge Analisa Torres to dissolve the injunction placed against Ripple’s institutional sale of XRP, as well as return $125 million of the fine previously paid by the company.
However, Judge Torres declined their joint request for this indicative ruling twice, claiming that private deals between two parties do not supersede public judgments.
As a result, both Ripple and the SEC have now withdrawn their cross-appeals against her July 2023 ruling, filing a Joint Stipulation of Dismissal with the US Court of Appeals.
XRP now has full regulatory clarity in the United States, paving the way for massive institutional investment.
The ETF Institute’s Geraci now claims that BlackRock will likely file for spot XRP ETFs with the SEC.
As such, BlackRock has benefited tremendously from its crypto ETF venture. For instance, 75% of the investors who purchased $IBIT were BlackRock’s first-time buyers. 27% of those customers went on to buy another iShares ETF.
Geraci believes that BlackRock’s entry into the XRP ETF race is likely, which would provide a massive boost to the XRP price.
Is It The Right Time To Buy XRP?
The XRP price is extremely close to breaking out. However, sidelined investors should exercise just a little more patience. There is a possibility that news-driven pumps fail to breach key resistance levels, trapping late buyers and leveraged long positions.
$XRP is currently at the key $3.30 resistance level. A rejection here would create a head-and-shoulders pattern, a bearish signal that could push the price back to $3.
Best Cryptos To Buy Besides XRP
Crypto prices are seeing a sharp rally on Monday, and the bull market euphoria is returning.
The coins that saw significant whale demand during the brief dip are now seeing strong rallies. For instance, the Dogecoin price is up by 8% today, while Pendle has surged by more than 20%.
AI coins are seeing a sharp rally as well, possibly owing to the launch of OpenAI’s GPT-5.
Among the low caps, Bitcoin Hyper (HYPER) continues to attract five-figure investments from whales and has raised nearly $8 million in its ICO.
The Layer-2 sector is heating up, as indicated by the strong rallies and Arbitrum. Bitcoin Hyper is a new prominent BTC Layer-2 chain, designed to bring scalability, programmability and cutting-edge performance to the Bitcoin ecosystem.
With its innovative use of the Solana Virtual Machine, Bitcoin Hyper has the potential to open up the BTC network for payments, DeFi and even memes.
Unsurprisingly, prominent analysts are bullish on HYPER’s upside potential, with many calling it one of the best cryptos to invest in for the next bull rally.
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