Ripple (XRP) Price Prediction: Traders Keep an Eye on SEC Dismissal Ruling, ETF Optimism Drives Long Positions

Ripple (XRP) continued its rebound trend today (3), rising to $2.2685, with bullish long positions challenging $2.3275 and aiming for $2.6553 and $3.0000. The optimistic sentiment surrounding the ETF and the outcome of the SEC case are key driving factors for XRP's recent price trend. Ripple is applying for a national banking license with the OCC, marking its entry into the regulated financial sector.

XRP traders are preparing for the SEC's ruling, as the SEC v. Ripple case and the XRP case will be in the spotlight on Thursday. Investors are waiting for the SEC to make a decision on whether to appeal the ruling regarding the programmatic sales of XRP.

Although Judge Analisa Torres rejected Ripple's second joint motion for a declaratory judgment on the settlement terms, Ripple announced on June 27 that it would abandon the appeal. The settlement terms include lifting the ban on selling XRP to institutional investors and reducing the fine to $50 million.

In March of this year, Ripple's Chief Legal Officer Stuart Alderoty announced that the SEC had agreed to unconditionally withdraw its appeal. The statement suggests that Judge Torres' ruling should not affect the SEC's plans to withdraw the case. Ripple's decision to withdraw its cross-appeal is likely a key factor in the SEC's ultimate decision to formally withdraw its appeal.

On July 3, the U.S. SEC will hold its first closed-door meeting since Judge Torres denied the joint plaintiffs' request for a declaratory ruling on the settlement terms. SEC Chairman Paul Atkins and the commissioners may vote today on whether to withdraw the appeal and announce the decision tomorrow.

Former SEC attorney Marc Fagel recently analyzed the process of the agency withdrawing its appeal, stating: "The SEC may still need to vote to reject the appeal. Then, the parties need to submit their documents to dismiss their respective appeals, after which the district court's order will take effect. This could take a few weeks or even longer, but it could also speed up. There is currently no specific timeline set."

Despite ongoing attention to the SEC's lawsuit against Ripple, Ripple made a splash on Wednesday by announcing plans to apply for a national bank charter. Ripple CEO Brad Garlinghouse stated, "Ripple is committed to our long-standing compliance philosophy and is applying for a national bank charter from the Office of the Comptroller of the Currency (OCC). If approved, we will be regulated by both the state (through the New York State Department of Financial Services) and the federal government, setting a new (one-of-a-kind) benchmark for trust in the stablecoin market."

It is worth noting that Wednesday's announcement was made after the news of Ripple's application for a federal master account.

Additionally, Garlinghouse commented on the changing situation, stating: "While Congress is working to establish clear rules and regulations, and banks (in stark contrast to the situation during Operation Choke 2.0) are also leaning towards this, this access will allow us to hold RLUSD reserves directly at the Federal Reserve and provide additional security for future trust in RLUSD."

XRP Price Outlook

FXEmpire analyst Bob Mason stated that the recent price trend of XRP depends on the appeal vote from the U.S. Securities and Exchange Commission and updates related to the XRP spot ETF.

If it breaks through the high of 2.3275 USD on June 30, it may open the door to retesting the high of 2.6553 USD from May. If it continues to break through 2.6553 USD, it may reach the 3 USD mark and is expected to challenge the high of 3.3999 USD in 2025.

On the contrary, falling below the 50-day EMA may expose the 200-day EMA and potentially reveal a support level at $1.9299.

(Source: Trading View)