- XRP’s bullish trend persists, with $2.28 as key support and potential for $8.
- SEC’s closed meeting may impact XRP’s regulatory status and ETF approval.
- Empower Oversight’s lawsuit could expose SEC bias in the Ripple case decision.
XRP continues to display resilience despite broader market volatility, with analysts highlighting its bullish momentum. As the cryptocurrency market fluctuates, XRP has maintained higher lows, signaling strong buyer interest. Market observers are now watching key support and resistance levels, alongside a crucial SEC decision that could impact its regulatory future.
XRP Price Trends and Analyst Predictions
Armando Pantoja, a crypto analyst, notes that XRP is demonstrating remarkable strength while other cryptocurrencies decline. He identifies $2.28 as a critical support level, with a potential breakout pushing prices toward $4, and subsequently, $8.
XRP’s current price stands at $2.46, reflecting a 2.40% gain in 24 hours and a 1.12% increase over the past week. With a market capitalization of $142.4 billion and a 24-hour trading volume exceeding $4.78 billion, XRP remains a significant player in the market.
SEC’s Upcoming Closed Meeting Raises Uncertainty
The U.S. Securities and Exchange Commission (SEC) is set to hold a closed meeting on February 13, drawing significant attention from the crypto community. Several key matters may be discussed, including the SEC’s appeal against the Ripple case’s Programmatic Sales ruling, the Grayscale XRP-spot ETF filing, and the lawsuit filed by Empower Oversight regarding potential conflicts of interest within the agency.
Following Gary Gensler’s departure and Mark Uyeda’s appointment as acting Chair, the SEC has yet to clarify its stance on the Ripple appeal. The case, one of the most high-profile enforcement actions against a crypto company, may be paused as Uyeda and Commissioner Hester Peirce await Paul Atkins’ confirmation before making further decisions. However, pressure is mounting for clarity, and the closed meeting could determine whether the SEC proceeds with or withdraws its appeal.
Potential Regulatory Shifts and Market Impact
Former SEC attorney John Reed Stark suggests that the agency may opt to halt ongoing crypto-related litigation. He believes the SEC could suspend all cases or seek favorable settlements for crypto defendants. Stark also indicates that ongoing appeals, including Ripple’s case, may either be paused or fully withdrawn, which could positively impact XRP’s regulatory landscape.
Bye Bye SEC Binance Case (So This Is How The SEC Dies)
— John Reed Stark (@JohnReedStark) February 12, 2025
The U.S. Securities and Exchange Commission (SEC) and crypto exchange Binance have asked a Washington, D.C. federal judge overseeing the SEC enforcement action to pause the case for two months as the agency transforms its… pic.twitter.com/dyjgbE7631
The meeting’s outcome could also influence the approval of an XRP-spot ETF. If the SEC decides to withdraw its appeal, it could signal a shift in the agency’s approach to crypto regulations. This change may bolster investor confidence and drive further XRP price momentum.
Empower Oversight’s Lawsuit and Ripple Case Implications
Empower Oversight’s legal action against the SEC could have direct consequences for Ripple. If the Office of Inspector General’s (OIG) findings uncover conflicts of interest within the agency, acting Chair Uyeda may justify dropping the appeal against Ripple.
The controversy dates back to 2018 when former SEC official William Hinman stated that Bitcoin and Ethereum were not securities. However, allegations suggest Hinman received substantial payments from Simpson Thacher, a law firm promoting Ethereum, while advising on crypto regulations. Documents revealed that despite internal warnings, he continued engaging with the firm during his tenure.
Given that Ethereum and XRP were competing for the second-largest crypto market position in 2018, these findings raise concerns about potential bias in regulatory decisions. Judge Analisa Torres previously denied the SEC’s attempts to withhold Hinman-related documents, further intensifying scrutiny.
