In a significant shift signaling a departure from the previous administration’s anti-crypto stance, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are recalibrating their approach to digital assets. SEC Commissioner Hester Peirce, who leads the agency’s Crypto Task Force, recently outlined several key initiatives that underscore this evolving landscape. These include a comprehensive rulemaking agenda and an upcoming roundtable aimed at harmonizing the regulatory frameworks of the SEC and CFTC. Additionally, there will be a staff statement focused on spot crypto trading and another roundtable concentrating on financial policy.
This marked change comes as the SEC’s perspective on digital currencies appears to soften, sparking renewed optimism surrounding pending applications for XRP-spot exchange-traded funds (ETFs). The approval of XRP-spot ETFs could provide mainstream investors with increased access to the token, highlighting its potential in the expanding ETF market that has already seen successes with Bitcoin (BTC) and Ethereum (ETH) products.
In market terms, XRP experienced a notable rally as it increased by 3.22% on Monday, September 8, following a 2.4% gain the day before, bringing the token’s price to $2.9710. This uptick is particularly significant as XRP’s performance surpassed that of the broader market, which saw a modest increase of 1.03%. Traders are paying close attention to critical price levels as XRP approaches the psychologically important $3 mark. Current support levels are identified at $2.7 and $2.5, while resistance levels sit at $3.0, $3.335, and an all-time high of $3.66.
Several imminent catalysts may significantly influence XRP’s price dynamics. The approval or delays in XRP-spot ETF reviews are likely to induce considerable price volatility. Notably, a potential application for an iShares XRP Trust by BlackRock could serve as a crucial price catalyst. Additionally, institutional adoption remains a pivotal factor, with major corporations possibly viewing XRP as a treasury reserve asset, which could contribute to greater price stability. Regulatory developments, including Ripple’s application for a US-chartered bank license and legislative progress such as the Market Structure Bill, will also shape market sentiment.
The outlook for XRP will pivot based on various corporate, macroeconomic, and regulatory factors. In a bearish scenario, obstacles in advancing the Market Structure Bill in the Senate or delays in crypto-friendly regulations could stifle progress. If prominent companies shy away from adopting XRP as a treasury asset, and if the Office of the Comptroller of the Currency (OCC) contests Ripple’s bank license, negative sentiment may further depress prices, potentially dragging XRP below the $2.7 mark and exposing it to the $2.5 level.
Conversely, a bullish scenario could unfold if BlackRock moves forward with its application for an iShares XRP Trust, coupled with a favorable SEC ruling on XRP-spot ETFs. Should blue-chip companies target XRP for treasury holdings and more payment platforms integrate Ripple’s technology, the token might experience upward momentum. Success in securing a US-chartered bank license for Ripple and the Senate’s passing of the Market Structure Bill could provide the regulatory clarity necessary for XRP’s growth. If SWIFT were to lose some of its market share in global remittances to Ripple, this could send XRP surging above its previous record high of $3.66 on Binance.
With these narratives playing out, all eyes are on regulatory movements, institutional adoption, and market developments that could redefine XRP’s trajectory in the evolving crypto landscape.
