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- XRP investors are increasingly confident of a price breakout amid fed rate cuts and the key update on the Ripple v. SEC case.
- Ripple has called on unity in the crypto industry ahead of a changing regulatory landscape that promises to bolster it.
XRP is emerging as an investor favorite with key indicators pointing to a bullish breakout in the coming weeks. The altcoin has seen its prices suppressed in the past couple of years due to its ongoing case with the SEC. With legal experts anticipating the conclusion of the case soon, XRP investors are anticipating a bullish breakout and possibly a retest of the token’s all-time high.
Supporting this bullish outlook is investors’ expectation that the Fed will cut interest in September. This is expected to drive XRP prices and the broader crypto market.
A drop in the ISM Manufacturing PMI from 49.2 to 48.7 in May has increased expectations of a Federal Reserve interest rate cut in September. Data from the CME FedWatch Tool shows the probability of the Fed keeping rates unchanged decreased from 45.2% on May 31st to 38.4% by June 3rd.
Additionally, the crypto industry has thrown its back on the Republican party after its leading candidate Donald Trump declared support for the industry. Cryptocurrencies have taken center stage in the upcoming September elections with a republican win promising crypto-friendly regulations.
As CNF recently reported, Ripple has contributed $25 million to Fairshake, a Super Political Action Committee (Super PAC) that promotes bipartisan Congressional candidates supportive of cryptocurrency innovation in the U.S. Coinbase, the only publicly traded crypto exchange as followed in the same steps, matching the $25 million donation offered by Ripple.
These donations reveal the industry’s commitment to influence regulation in the country. In the past, interested parties have raised concerns that an anti-crypto stance from the government could drive innovation away from the U.S. The industry has shown commitment to keep building in the country. The upcoming elections could prove key to the future of the market at wide.
Furthermore, it could have implications for the ongoing Ripple v. SEC case. Experts foresee a republican win which could lead to an administrative change in the U.S. SEC. Specifically, a change in guard could see SEC chair Gary Gensler leave office and the possibility of the ongoing case concluding. Some have gone as far as predicting a prior settlement as the agency seeks to save face.
Ripple Ecosystem Growth to Sustain XRP Rally
Other key developments around Ripple and the XRP Ledger and its ecosystem could also drive demand and adoption for the 8th-ranked coin. These include the CBDC platform that has gained prominence, receiving recognition from nearly 20 central banks looking to launch their tokens. The soon-to-be-launched stablecoin dubbed RLUSD could also be crucial to the network’s growth.
Ripple’s CEO has also shared an optimistic view on the highly speculated IPO. Brad Garlinghouse says the company is now ready for an Initial Public Offering (IPO) launch. However, the company insists on removing Gary Gensler as Chairman of the SEC for that to happen.
Additionally, the possibility of an XRP ETF approval could help drive billions of dollars in investment, driving prices higher.
At the time of writing, XRP is trading at $0.5278 after a 1.3% surge in the last 24 hours. The altcoin has recorded a marginal change in the last week as experts reveal that the token is undergoing a consolidation phase.
