The price of XRP is down today, along with other top cryptocurrencies, as traders digest recent comments from the Federal Reserve.
XRP’s token has been under pressure since July 20, when it reached its highest point since April 2022. This was due to optimistic expectations following a court ruling that portions of the token sale were not considered securities issuance.
However, the momentum quickly reversed as investors realized the ruling could be overturned in higher courts. It also became clear that the decision only exempted Ripple and its founders from certain sales activities.
Recent events, including a rejection of a lawsuit dismissal by the SEC, have further intensified investor concerns and led to a decline in XRP’s price.
The SEC has expressed its plan to challenge the court ruling, but Ripple argues that the SEC is not currently entitled to appeal.
The listing of XRP futures on the CME, which would need to happen before a potential ETF launch, is unlikely to occur in the near future, dampening expectations for an XRP spot ETF.
Investors are displaying caution due to the Federal Reserve’s strategies aimed at curbing inflation, which are impacting the economy and causing increased financing costs.
Given these circumstances, there is a likelihood of further price correction for XRP, with a possible retest of the $0.54 level.
Summary:
– XRP price is down today as traders react to Federal Reserve comments.
– Optimism from a court ruling quickly reversed as investors realized it could be overturned.
– Recent events have intensified investor concerns and led to a decline in XRP’s price.
– The SEC plans to challenge the court ruling, but Ripple argues they are not entitled to appeal.
– The listing of XRP futures on the CME is unlikely in the near future, dampening expectations for an XRP spot ETF.
– Investors are cautious due to the Federal Reserve’s strategies to curb inflation.
– Further price correction for XRP is likely, with a possible retest of the $0.54 level.