Investors in XRP are growing more confident about a potential price breakout, thanks to factors such as Federal Reserve rate cuts and the ongoing Ripple v. SEC case. Ripple is urging unity within the cryptocurrency industry as regulations evolve, which could benefit the company. XRP has been struggling with suppressed prices due to its legal battles with the SEC, but with experts predicting an imminent resolution, investors are hopeful for a bullish breakout and a possible retest of its all-time high. The expectation of a Fed interest rate cut in September is also bolstering this positive outlook for XRP and the broader crypto market.
The recent drop in the ISM Manufacturing PMI has increased the likelihood of a Fed rate cut, as indicated by the CME FedWatch Tool. This, combined with the Republican party’s newfound support for the crypto industry, especially with Donald Trump endorsing it, has put cryptocurrencies in the spotlight ahead of the September elections. Ripple has actively contributed to Fairshake, a Super PAC that supports cryptocurrency-friendly candidates, further demonstrating the industry’s commitment to shaping regulations in the US. The outcome of the elections could have significant implications for the ongoing Ripple v. SEC case, potentially leading to administrative changes within the SEC and a resolution to the case.
In addition to these external factors, developments within Ripple and its ecosystem are also expected to drive demand and adoption of XRP. The CBDC platform has gained recognition from numerous central banks, indicating a growing interest in launching their own tokens. The upcoming launch of the stablecoin RLUSD could also contribute to the network’s growth. Ripple’s CEO, Brad Garlinghouse, has expressed optimism about the possibility of an IPO, but insists on the removal of Gary Gensler as SEC Chairman for that to happen. Furthermore, the approval of an XRP ETF could attract billions of dollars in investment and drive prices even higher.
Currently, XRP is trading at $0.5278, experiencing a 1.3% surge in the last 24 hours. While it has seen minimal changes in the past week, experts believe the token is in a consolidation phase. For more information on Ripple and XRP, including guides on buying XRP and setting up an XRP wallet, as well as real-time price updates, visit our website.