The token snapped a three-day losing streak, rising 0.76% on Saturday, July 26. Reversing a 0.09% loss from Friday, XRP closed the session at $3.1663. XRP outperformed the broader crypto market, which advanced 0.31%, lifting the total crypto market cap to $3.82 trillion.
Despite the SEC’s silence on its appeal plans, XRP’s hold above $3 underscores market optimism that the agency will drop the appeal. The next SEC closed meeting and potential vote on withdrawing the appeal is on July 31.
An appeal withdrawal is likely a crucial stepping stone toward the approval of pending XRP-spot ETF applications. Approval of the spot ETFs could potentially drive the token to new highs. Demand for BTC, ETH, and SOL through spot ETFs has contributed to major breakouts.
Even without an XRP-spot ETF, the token has rallied 43% in July to date, outperforming BTC (+10%), SOL (+21%), but trailing ETH (+52%). However, BlackRock’s (BLK) application for an iShares XRP Trust will likely be crucial for the success of an XRP-spot ETF market.
The ETF issuer’s iShare Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) have dominated the crypto-spot ETF space.
The near-term price outlook hinges on the SEC’s appeal vote and XRP-spot ETF-related news. An SEC appeal withdrawal could trigger the next XRP rally. The launch of a spot ETF could send XRP past its all-time high of $3.6606, potentially paving the way to $5.
XRP trades well above the 50-day and the 200-day Exponential Moving Averages (EMA), affirming bullish momentum.
