Managers Rush to File for Spot XRP ETFs as SEC Case Ends

• The long-running Ripple vs. SEC lawsuit over the status of XRP has officially and formally concluded
• The news has unlocked a massive 7-year technical breakout and paves the way for spot XRP ETF filings
• The end of the case is seen as a major victory for Ripple and a landmark moment for the crypto industry

The XRP market is surging after the formal closure of the Ripple Labs vs. SEC lawsuit. The altcoin, which has a fully diluted valuation of about $305 billion, jumped over 6% in the past 24 hours to trade near $3.08 on Saturday.

While the wider crypto market was digesting Fed Chair Jerome Powell’s latest speech, the news of the lawsuit’s closure provides a long-lasting and overwhelmingly positive catalyst for XRP. The legal battle, which began in late 2020, is the primary reason XRP failed to reach a new all-time high during the 2021 bull run. 

Now, with the case officially in the rearview mirror, the asset has already rallied to a new peak of about $3.65 this year.

XRP Price Prepares for Massive Bullish Breakout 

From a technical perspective, XRP appears ready for a major rally. The weekly chart shows the token has recently broken out of a massive seven-year triangular consolidation.

This breakout includes clearing an inverted head and shoulders (H&S) pattern and a falling logarithmic trend, a trifecta of bullish signals for technical analysts. Looking at the XRP (XRP) Price Prediction for August 23, this structure is key.

Applying the Elliott Wave principle, the XRP price appears to be in the early stages of a powerful third wave. Given that the first wave produced a return of about 500%, the third wave could potentially deliver an 800% return, based on the standard 1.618 Fibonacci relationship between the two waves.

New Bullish Catalysts Emerge for XRP Beyond the Lawsuit

The bullish outlook is supported by fundamental growth on the XRPL network, particularly its expansion into DeFi with the launch of the Ripple USD (RLUSD) stablecoin. The adoption of RLUSD, which now has a market cap of nearly $700 million, also helps increase the on-chain burning of XRP tokens.

More importantly, the end of the lawsuit has opened the door for the next major institutional catalyst. Following the news, several fund managers have already filed amended S-1 applications for their respective spot XRP ETFs, according to a post by ETF analyst Nate Geraci.

Bigger Picture

The official closure of the Ripple vs. SEC case signals a new era for the entire crypto market. The current U.S. administration has moved to enact clearer crypto regulations, including the GENIUS Act and the anticipated Clarity Act, attracting more institutional capital.

The SEC’s own “Project Crypto” initiative has also helped reassure investors, setting a new, more collaborative tone for the industry’s future in the United States.