Ripple Donates $100,000 to California Wildfire Relief as XRP Eyes New Highs Amid SEC Developments
Ripple’s XRP surged 5% on Tuesday following several positive developments, including a $100,000 donation to wildfire relief efforts and growing anticipation surrounding SEC actions and ETF prospects.
XRP ETFs Could See Up to $8.4 Billion in Inflows
JP Morgan analysts predict that XRP-based ETFs could attract between $4.3 billion and $8.4 billion in inflows within six to twelve months if approved by the U.S. Securities and Exchange Commission (SEC). While the SEC has been hesitant to approve crypto ETFs beyond Bitcoin and Ethereum, analysts suggest the incoming Trump administration and a new SEC Chair could usher in broader crypto ETF approvals, providing significant momentum for XRP.
In related news, the SEC recently delayed a decision on Bitwise’s proposal to convert its Bitwise 10 Crypto Index Fund (BITW) into a crypto ETF, which includes XRP alongside Bitcoin and Ethereum. Approval of this proposal could signal increased regulatory acceptance of XRP-related financial products.
Ripple vs SEC: Appeal Brief Deadline Looms
Ripple’s chief legal officer, Stuart Alderoty, revealed that the company requested the SEC to delay filing its opening brief in the ongoing appeal over the Ripple case victory. However, the SEC declined and adhered to the existing January 15 deadline. Failure to file today would uphold the initial ruling in Ripple’s favor.
Alderoty expressed confidence in Ripple’s position, emphasizing the waste of taxpayer funds on the SEC’s continued opposition. As of now, the SEC is expected to file its brief before the end of the day, keeping the appeal alive.
Ripple’s $100,000 Donation Bolsters Public Perception
Ripple announced a $100,000 donation in XRP to support California wildfire relief efforts through The Giving Block, benefiting World Central Kitchen and GiveDirectly. This follows a prior $50,000 donation to the Los Angeles Fire Department (LAFD) Foundation to aid first responders. Ripple’s philanthropic efforts are positively impacting the company’s and XRP’s image among investors.
XRP Targets $2.90 Resistance Amid Bullish Momentum
XRP recently crossed $2.65, marking its highest level in nearly a month after rebounding from $2.33 support, bolstered by the 50-day Simple Moving Average (SMA). The token is now approaching the $2.90 resistance level, the highest price in six years, with investors anticipating a potential rally toward its all-time high of $3.55.
Technical indicators support this bullish outlook. The Relative Strength Index (RSI) and Awesome Oscillator (AO) reflect strong upward momentum, although the Stochastic Oscillator (Stoch) indicates overbought conditions, suggesting a short-term correction may occur.
Liquidations Highlight Market Dynamics
Data from Coinglass shows $8.06 million in XRP futures liquidations over the past 24 hours. Long liquidations amounted to $2.56 million, while shorts accounted for $5.51 million, reflecting bullish dominance.
As XRP continues to hold above key support levels, its prospects for surpassing $2.90 and reaching new highs remain strong, fueled by favorable market conditions and increasing investor confidence.
