Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version. Ripple and the SEC have completed their filings and brought supporting evidence, the lawsuit moves to the next phase where related parties file omnibus letter motions.
The motion will seal or redact remedies-related filings and supporting evidence by the May 13 deadline.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its redacted remedies reply brief & supporting exhibits.https://t.co/qZ6GTtSFmL
— James K. Filan (@FilanLaw) May 7, 2024
Ripple could extend its losses by another 3.35% from the current price of $0.5217, down to $0.5045. This level is the 38.2% Fibonacci retracement of Ripple’s decline from April 9 top of $0.6431 to April 13 low of $0.4188.
May 1 low of $0.4782 could act as support for XRP in the event of further decline.
While the histogram bars on the Moving Average Convergence Divergence (MACD) indicator are above the neutral line, it points at waning positive momentum.
XRP/USDT 1-day chart
A daily candlestick close above $0.5310, the 50% Fibonacci placeholder could invalidate the bearish thesis. XRP could face resistance at the $0.5574 level, the 61.8% Fibonacci retracement of the decline between April 9 and 13.
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.