Stark’s views on Brad Bondi were even more crypto-friendly, suggesting that both decisions would benefit XRP and the broader crypto market. Specifically, Stark believes that Bondi would close all crypto investigations and suspend, settle or dismiss crypto-related cases.

Ripple Case and US XRP Spot ETFs

If the SEC withdraws its appeal in the Ripple case, the July 2023 ruling on programmatic XRP sales could set a crucial legal precedent.

In July 2023, Judge Analisa Torres ruled that the programmatic sale of XRP did not meet the third stage of the Howey test.

If the programmatic sales of XRP rule remains in place, it could speed up the approval of XRP spot ETF applications and potentially increase XRP demand.

Major players including Bitwise Invest, Canary Funds, Grayscale and WisdomTree have filed for spot ETFs that invest including or exclusively in XRP.

A thriving XRP spot ETF market could reflect the success of Bitcoin (BTC). The price of BTC has increased by 127% since January 2024 to $96,324 after BTC spot ETFs were launched in January 2024.

Want to learn more about how XRP spot ETFs could impact the crypto market? Click here for an in-depth look at ETF trends and forecasts.

XRP price action

Daily chart

XRP is well above the 50-day and 200-day EMAs, confirming the bullish price signals.

A break above Saturday’s high $1.9591 could support a rise to $2. Additionally, a breakout above $2 could allow bulls to target the all-time high of $3.5505 set in January 2018.

Updates related to the SEC Chairman and news related to the Ripple case must be taken into account.

Conversely, a break below $1.85 could signal a decline towards $1.75. A fall below $1.75 could bring the 1.50 level into play. News that the SEC is continuing its appeal of the rulings in the Ripple case could trigger a sell-off.

With a 14-day RSI reading of 85.41, XRP is deep in overbought territory. Selling pressure could intensify at Saturday’s high $1.9591.