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Ripple v. SEC: Pundit Highlights Only Factor Stopping Judge From Final Judgment

Lele Jima
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Ripple v. SEC: Pundit Highlights Only Factor Stopping Judge From Final Judgment

Pro-XRP pundit asserts that Magistrate Netburn’s decision regarding the motion to exclude Andrea Fox’s declaration is the only thing stopping Judge Torres from issuing her final verdict in the Ripple lawsuit.

The broader XRP community has continued to endure a multi-year legal tussle between the SEC and Ripple that has negatively impacted the asset’s price. Despite the lawsuit lingering for over three years, there is no official date for its end. 

Only Factor Stopping Judge Torres’ Final Verdict 

With several experts projecting that the lawsuit could be resolved this year, prominent XRP community Ashley Prosper pointed out a particular factor preventing Judge Analisa Torres from issuing her final decision in the SEC v. Ripple case.  

He made the assertion after the SEC filed its opposition brief to Ripple’s omnibus sealing motion. According to Prosper, the only thing stopping the judge from issuing the final verdict is a decision from Magistrate Sarah Netburn regarding Ripple’s motion to exclude the testimony of SEC’s witness, Andrea Fox. 

Fox’s Issue Could Cause Further Delay  

In April, Ripple asked Magistrate Netburn to exclude Fox’s declaration, which the SEC submitted to justify its remedies demands. Describing Fox as an expert witness, Ripple contended that the SEC was supposed to tender her declaration during the discovery phase of remedies to enable it to respond and counter her claims. 

Since the SEC did not provide the declaration during discovery, in accordance with the court’s scheduling order for remedies, Ripple asked Magistrate Netburn to exclude the testimony. 

Conversely, the SEC claimed that Fox was a summary witness who only summarized existing facts to help the judge understand Ripple’s financial records. 

According to Prosper, the decision on whether Fox is an expert or summary witness could possibly “open up [a] can of worms” that could further delay the resolution of the SEC v. Ripple lawsuit. 

Prosper emphasized that Magistrate Netburn typically takes around 30 days to decide small motions, indicating that her ruling could come at any moment. Nonetheless, he suggested that Torres’ final verdict could be delayed if any of the parties decided to challenge Netburn’s decision. 

Court Won’t Discard Fox’s Declaration 

The XRP pundit said that while he hopes the court disregards Fox’s declaration after Magistrate Netburn declares her an expert witness, he does not see that scenario playing out. 

His projection aligns with similar views of pro-XRP lawyers Bill Morgan and Jeremy Hogan. As reported earlier, they speculated that even if Netburn considers Fox an expert witness, she will not discard her testimony but allow Ripple to depose her. 

Fox’s declaration is essential to the final verdict and could help determine the appropriate penalty against Ripple for its securities law violation. Hence, Judge Torres would likely wait to see whether her colleague would exclude Fox’s testimony before issuing the final verdict. 

Shiba Inu Congratulates Its Partner on This Milestone

Lele Jima
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Shiba Inu Congratulates Its Partner on This Milestone

Shiba Inu congratulates its official liquid staking derivative (LSD) partner K9 Finance DAO as CoinW announces plans to list its native token, KNINE. 

KNINE’s Upcoming Listing on CoinW 

For the uninitiated, CoinW disclosed in an X post yesterday that it will soon list KNINE on its platform for trading purposes. 

In a follow-up blog post, the exchange also noted that it will soon open deposit and withdrawal for the token. 

“[…] The exact timing for these functions will be communicated separately,” CoinW announced. 

Since the K9 team launched KNINE in March, only two centralized crypto exchanges have listed the token. They include BitMart and MEXC. With CoinW planning to list KNINE, the number of centralized exchanges supporting the token will spike to three. 

Shiba Inu Congratulates K9 

Although CoinW did not disclose the official date of KNINE’s listing, the news has sparked excitement within the K9 and Shiba Inu communities. Notably, the upcoming listing of KNINE on CoinW will increase the token’s liquidity and allow more traders to engage with the token. 

Interestingly, the Shiba Inu ecosystem team also expressed excitement about KNINE’s upcoming listing on CoinW. In a tweet yesterday, Shiba Inu congratulated the K9 team for the listing, expressing excitement about the project’s continuous growth since its debut. 

Recall that K9 became Shiba Inu’s official LSD partner earlier this year. K9 is responsible for enhancing the decentralized finance (DeFi) functionalities of the Shibarium ecosystem. 

The K9 team has scheduled the launch of its highly anticipated LSD platform for later this year. Upon its launch, users can stake their Bone ShibaSwap (BONE) tokens to earn multiple rewards, including a liquidity token, knBONE.  

KNINE Soars 1.78% as Team Prepares to Burn 410M Tokens 

In the meantime, KNINE’s price has registered a slight increase of 1.78% over the past 24 hours. As of 06:42 AM (UTC) today, a unit of KNINE was changing hands at $0.00003011. The token is currently ranked as the 3,306th biggest cryptocurrency, with a market cap of $3.53 million. 

Meanwhile, the K9 team is preparing to reduce the token’s supply by burning hundreds of millions of KNINE in honor of Vitalik Buterin, who contributed to Shiba Inu’s prominence by incinerating 410 trillion SHIB tokens in 2021. 

The Crypto Basic reported that the team will burn 410 million KNINE tokens on May 31st. Whether the upcoming burn and KNINE’s listing on CoinW will positively impact the price remains to be seen. 

Brad Says Time to Dismantle Scammers as Ripple Joins New Coalition

Albert Brown
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Brad Says Time to Dismantle Scammers as Ripple Joins New Coalition

Ripple CEO Brad Garlinghouse announces Ripple’s decision to join the Tech Against Scams coalition, emphasizing the need to unite tech firms to dismantle scammers.

Brad Garlinghouse, CEO of Ripple, has gone to X to reveal that Ripple is joining the Tech Against Scams coalition. Garlinghouse particularly emphasized the importance of collaboration among tech companies to protect consumers and dismantle fraudulent operations.

This coalition, involving major companies like Match Group, Coinbase, Meta, and Gemini, aims to combat online fraud and financial scams.

The companies are teaming up to address financial scams from inception to execution. Notably, the coalition spans various sectors, including social media, dating apps, financial institutions, and crypto platforms.

Further, the initiative focuses on sharing best practices, threat intelligence, and crucial information to shield users from scams like romance fraud and crypto schemes such as ‘pig butchering.’ The effort began last summer with an initial collaboration between Match Group, Coinbase, and Meta to understand cross-platform threats. It has since expanded to include additional companies for a broader impact.

Statements from Industry Leaders

According to the coalition’s press release, Meta’s Chief Information Security Officer, Guy Rosen, highlighted the necessity of collaboration. He said that scammers and organized criminal groups exploit multiple internet services, making it difficult for any single company to see the full scope of malicious activities. According to him, the coalition helps share insights and disrupt scam networks more effectively.

Yoel Roth, VP of Trust & Safety at Match Group, emphasized cross-industry cooperation, stating that collaborating across different industries is essential to prevent criminal activities. Per Roth, it enables online platforms to stay ahead and develop robust solutions for various types of financial crimes.

Ripple’s Vigilance Against Scams

This initiative follows a previous warning from Ripple CTO David Schwartz in July last year about the surge in scams targeting XRP users. At the time, as interest in XRP grew following its legal victory, malicious actors created fraudulent websites to exploit the situation.   

Schwartz’s warnings clearly proved the urgency of such a coalition and mission to protect consumers and disrupt scam operations. 

Now, in 2024, the Tech Against Scams coalition is actively addressing these challenges, aiming to create a safer digital environment for all users. Reflecting on the new coalition announcement, one commenter, Madison Reed, expressed hope for future technologies that will eradicate corruption from the global financial system.

Here is the Number of XRP Needed for $1M if XRP Hits $3.84

Abdulkarim Abdulwahab
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Here is the Number of XRP Needed for $1M if XRP Hits $3.84

Individuals investing in XRP today need only about 13% of $1 million as their initial capital to reach a million dollars if XRP hits $3.84.

As the crypto market enters the second leg of the bull frenzies, members of the XRP community have become hopeful of XRP. Among large-cap cryptocurrencies, Bitcoin and Ethereum have led the narrative in the last two days, while XRP struggles to follow from far behind.

Specifically, Bitcoin surged to $71,426 yesterday, a price point not seen in about two months. Similarly, Ethereum reclaimed $3,820, marking a significant recovery. In contrast, XRP largely maintained its position around the $0.5 mark.

Meanwhile, with the gradual return of the bulls, XRP enthusiasts are optimistic that the asset could make a significant breakthrough in this second phase, as XRP’s cumulative return for the last quarter was negative 5%. Among the hopeful targets is for XRP to regain its old all-time high of $3.84.

For instance, in a recent post on X, a widely followed XRP advocate mapped out potential profits from holding XRP, helping investors visualize their likely profitability status should XRP reclaim its old peak. The profits ranged from a few thousand dollars to $1 million.

XRP Needed to Make $1M if XRP Hits 3.84

Crypto investors aiming to make a million dollars by leveraging XRP require only a fraction of this target fortune for their initial investments. In particular, to achieve $1 million from XRP with a floor price of $3.84, a holding of approximately 260,416 tokens is required.

At XRP’s current market value of $0.5346, purchasing 260,416 XRP costs $139,218. This initial investment represents only 13.92% of $1 million. 

In other words, if XRP reaches its previous all-time high, today’s investors could see returns exceeding 618%. Meanwhile, those who invested earlier stand to gain even more substantially.

However, while some XRP holders are optimistic about targets even above $3.84, others doubt that XRP could surpass $1 in the near future. This skepticism is rooted in XRP’s longstanding lackluster performance in the crypto market. 

For instance, the $3.84 all-time high under scrutiny was established six years ago. Despite a subsequent bull cycle, XRP failed to break this previous ATH. In the current bull season, XRP has not touched the $0.70 threshold since March.

Legendary Trader Bollinger Issues Warning for Bitcoin and Ethereum Price

Sam Wisdom Raphael
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Legendary Trader Bollinger Issues Warning for Bitcoin and Ethereum Price

John Bollinger, legendary trader and creator of the Bollinger Bands, has warned of a looming correction for Bitcoin and Ethereum following the latest price upswing.

Bollinger conveyed these warnings in two different posts on X in response to ongoing inquiries from traders regarding his position on the recent price resurgence. Notably, Bitcoin (BTC) and Ethereum (ETH) have spearheaded the market’s shift from bearish to bullish momentum this week.

BTC and ETH Record Resurgence

Bitcoin surged 7.8% in intraday gains on Monday, breaking a four-day period of consolidation below the $68,000 psychological threshold. This rebound allowed the leading cryptocurrency to reclaim the $70,000 level for the first time in over a month, reaching a high of $71,500 before encountering resistance.

Ethereum experienced a remarkable 19.25% surge on the same day, marking its most significant intraday gain in over six years. This historic performance pushed ETH beyond the $3,600 threshold, continuing its upward trajectory until May 21 and culminating in a two-month peak of $3,839.

Amid the recovery efforts, market participants who missed the dip are looking to augment their holdings, while those who currently hold positions remain uncertain of the direction from here. This growing uncertainty has triggered questions directed at market veterans such as John Bollinger.

Ethereum Rides on Spot ETF News

In response to numerous questions about the sustainability of Ethereum’s recent uptrend, Bollinger noted that the optimism surrounding the potential approval of Ethereum spot ETFs by the U.S. Securities and Exchange Commission (SEC) had already been largely factored into the market. 

Reports from this week suggested that the U.S. SEC might be looking to give the greenlight for the trading of spot ETH ETFs. Notably, the securities regulator asked exchanges such as Nasdaq and Cboe to quickly review their 19b-4 filings. While this does not translate to an approval of filings from issuers, the bullish sentiments have triggered the recent rally.

Nonetheless, Bollinger pointed out that the favorable news had driven significant buying interest, reducing the discount at which Ethereum was trading. For context, Ethereum’s bearish phase over the past few days saw it trading at a discounted price below $3,000 at some point. ETH slumped to a low of $2,860 on May 14. 

ETH Currently Oversold

The recent rally has all but trimmed this discount. However, Bollinger expressed caution about the rally’s future prospects, suggesting that the price movement had become over-extended. As a result, he decided to reduce his holdings, implying that the current price level might not be sustainable in the short term.

Market data conforms to the legendary trader’s sentiments, with the relative strength index (RSI) spiking from a low of 37.84 on May 14 to the current value of 71.10, as shown in the chart below. 

Ethereum Daily RSI
Ethereum Daily RSI

While such a spike in RSI indicates growing strength, an RSI above 71.10 suggests ETH is overbought and could be due for a retracement. At press time, Ethereum changes hands at $3,762, down 0.75% this morning. It could leverage the support at $3,606 to defend against further drops in the ensuing correction.

Bollinger Expresses Short-Term Concern on Bitcoin

John Bollinger also shared his perspective on Bitcoin’s price action. He observed a two-bar reversal pattern forming at the upper Bollinger Band for Bitcoin. This signal, according to Bollinger, indicates the potential for a period of consolidation or a short-term pullback in Bitcoin’s price.

However, he clarified that he is not bearish on Bitcoin overall. Instead, he expressed a short-term concern, suggesting that while it might experience a brief pause or slight decline, the long-term outlook remains unchanged. Bitcoin currently trades for $69,907, looking to breach the $70,861 resistance at the upper Bollinger band.

Bitcoin Bollinger Bands
Bitcoin Bollinger Bands

Trump Officially Accepts Bitcoin, XRP, Shiba Inu for Presidential Campaign

Lele Jima
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Trump Officially Accepts Bitcoin, XRP, Shiba Inu for Presidential Campaign

Former United States President Donald Trump’s presidential campaign now accepts donations in cryptos, including Shiba Inu, Bitcoin, and XRP. 

This was disclosed in a press release yesterday via Trump’s official campaign website and X handle. 

Trump Campaign Accepts BTC, SHIB, and XRP

Trump’s supporters can visit the official campaign website to support his presidential bid in eight cryptocurrencies. They include Bitcoin (BTC), Shiba Inu (SHIB), XRP (XRP), Solana (SOL), Ethereum (ETH), USD Coin (USDC), Dogecoin (DOGE), and 0x (ZRX). 

According to the announcement, supporters can donate any amount or choose from the predefined option, which ranges from $20.42 to $4,547. Donations will be accepted through San Francisco-based crypto exchange Coinbase.  

Following Trump’s decision to accept crypto donations, his campaign organizers described him as a “champion of American freedom and innovation.” 

A Sharp Contrast with Biden and Warren’s Stance 

Notably, Trump’s embracing crypto contradicts the current administration’s position on cryptocurrencies. In particular, the Biden administration and Democrat Senator Elizabeth Warren have waged regulatory attacks against crypto. 

While Biden’s SEC Chair Gary Gensler has brought different lawsuits against multiple crypto entities, including Coinbase, Warren has championed bills that could ban the nascent asset. 

Conversely, Trump has been more friendly towards crypto. For instance, while he was president, he appointed top crypto executives, including former Coinbase VP Brian Brook, who became the Comptroller of the Currency. 

Brook’s appointment at the time paved the way for traditional financial institutions, especially banks, to hold cryptocurrencies. Additionally, Trump included other crypto enthusiasts in his cabinet, including Mick Mulvaney, who became Chief of Staff. In 2022, he launched a non-fungible token dubbed Trump Card.  

Interestingly, Trump’s support for crypto does not seem to be ending any time soon, as he has made some exciting campaign promises. Earlier this month, the former president emphasized that while the Democrats are against crypto, he wants to ensure that the nascent asset is “good and solid.” 

XRP Set for Price Boom in Predicted $6 Trillion Fed Inflation Flip: Forbes

Abdulkarim Abdulwahab
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XRP Set for Price Boom in Predicted $6 Trillion Fed Inflation Flip: Forbes

Forbes senior contributor Billy Bambrough has boldly asserted that XRP, alongside other crypto assets, is set for a significant price boom in response to a projected $6 trillion inflation reversal by the U.S. Federal Reserve. 

In a recent article, Bambrough highlighted that Bitcoin’s price has surpassed $65,000 for the first time since early May. He noted that the uptick was fueled by speculation that the Federal Reserve will soon signal success in its inflation battle and reduce interest rates.

The view is bolstered by recently released U.S. consumer price index data indicating a slight deceleration in inflation for April, with a 0.3% increase compared to March’s 0.4%, defying the anticipated 0.4%. This subtle shift in inflation trends is thought to have contributed to the burgeoning surge in the cryptocurrency market.

Similarly, Bambrough observed that the development has propelled top assets like XRP and Ethereum upward. Meanwhile, the uptrend in the crypto market picked up further within the past day, with Bitcoin regaining the $71K price level. Similarly, XRP has registered an over 6% growth with Bitcoin’s uptrend.

$6T Fed Inflation Flip to Influence Higher Prices

However, the Forbes contributor has suggested that this rally may be a prelude to what is incoming. To strengthen this view, he referenced a bullish prediction from Tom Lee, the managing partner and head of research at Fundstrat Global Advisors. 

In a CNBC interview, Lee posited that $6 trillion in dormant cash can potentially escalate Bitcoin’s value to $150,000, indicating that the bull market is still in its initial stages.

Lee also commented on the Federal Reserve’s stance on inflation, which he perceives as more dovish compared to market expectations. He suggests that this perspective is aiding the market’s recovery. 

Furthermore, he observed that with increasing capital expenditure, positive trends in international securities markets, and substantial cash reserves that have been sidelined for over two years, there is a strong undercurrent of “pent-up demand” that could fuel the market’s upward trajectory.

XRP Potential Value with BTC at $150K

Notably, the current presence of exchange-traded funds investing in Bitcoin supports this view of the price boom in cryptocurrencies. Bitcoin and a few assets attained new all-time highs after the January approvals for crypto ETFs.

The outlook for BTC reaching $150K this year suggests an impending surge of 112%, considering the asset’s current value of $71,100. Factoring a similar percentage growth for XRP puts its price back above the $1 threshold. However, other market pundits suggested loftier highs for XRP with BTC at $150K.

Shiba Inu Investors Scoop up 1,710,000,000,000 SHIB in a Single Day

Sam Wisdom Raphael
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Shiba Inu Investors Scoop up 1,710,000,000,000 SHIB in a Single Day

Shiba Inu investors holding between 0.1% and 1% of SHIB’s circulating supply procure over 1.71 trillion (1,710,000,000,000) tokens in a day amid the 9% price spike.

This is according to on-chain data sourced by blockchain analytics resource IntoTheBlock. Notably, Shiba Inu has commanded robust interest from market participants since late February, but blockchain data suggests that this interest has come from smaller investors rather than whales.

IntoTheBlock’s “Historical Concentration” metric provides insights into this trend. The metric reveals historical data on the holdings of three cohorts of Shiba Inu addresses: the whales who hold more than 1% of the circulating supply, the investors who hold between 0.1% and 1%, and then the retail players who hold less than 0.1%.

Investors Procure 1.7 Trillion Shiba Inu

Per the data, investors holding between 0.1% and 1% have been accumulating more tokens from whales and retail players. As of May 19, the cumulative balance held by these investors amounted to 136.32 trillion Shiba Inu, representing 13.91% of Shiba Inu’s supply. These tokens were worth $3.43 billion.

However, the balance held by this cohort of addresses saw a dramatic increase in less than 24 hours to 138.03 trillion SHIB on May 20, representing 14.09% of Shiba Inu’s supply. The latest figure indicates that these addresses added 1.71 trillion SHIB to their balances in a single day.

Shiba Inu Historical Concentration IntoTheBlock
Shiba Inu Historical Concentration | IntoTheBlock

Conversely, whales and retail players distributed their holdings within the same timeframe. Specifically, whales saw their cumulative balance drop by 270 billion SHIB to 580.05 trillion. In addition, retail addresses decreased their holdings by 1.45 trillion tokens to a balance of 261.63 trillion. 

This trend indicates a divergence in market sentiments among the three cohorts of addresses, as investors augment their bags in anticipation of further price increases while whales and retail players distribute or sell off their tokens to capitalize on the profits from the recent price uptick. 

Possible Impact on Price

Recall that Shiba Inu recorded a 9% intraday gain on May 19, as recently reported by The Crypto Basic. This marked SHIB’s highest daily gain in four days, triggering a rejuvenation of investor interest. This renewed interest led to a 109% increase in Shiba Inu’s volume to $709 million on May 20, per CoinMarketCap data.

This surge in volume possibly stemmed from the confluence of accumulation by investors and distribution by whale and retail addresses. However, data from CryptoQuant suggests that, while investors pulled out their tokens from exchanges on May 20, there was a massive influx into exchanges on May 21.

Shiba Inu Exchange Netflow CryptoQuant
Shiba Inu Exchange Netflow | CryptoQuant

Remarkably, exchanges saw a netflow of 574 billion SHIB on May 21, marking the largest positive intraday netflow since Feb. 27, when 1.13 trillion Shiba Inu tokens in netflow reached exchanges. Despite this bolstering selling pressure, SHIB went on to spike to the $0.000045 high on March 5 after this figure was recorded.

In addition, right before the upswing in early March, investors procured 8.8 trillion SHIB between Feb. 27 and March 1. At press time, Shiba Inu currently trades for $0.00002522, having given up some of the gains from May 20. With these signs lining up, market watchers have made lofty projections, with some suggesting a rise to $0.00051.

BNB Price Crosses $630, Will it Reach New All Time Highs ?

Mark Brennan
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BNB Price Crosses $630, Will it Reach New All Time Highs ?

BNB price crossed the $631 mark on Tuesday May 21, just 8% shy of reaching new all-time highs, despite Binance’ high-profile legal squabbles with regulators in USA and Nigeria.

BNB Surges, Despite Changpeng Zhao sack, Nigeria FUD

Binance-launched BNB coin price emerged on of the mega-cap crypto top gainers on May 21, as news of imminent Ethereum ETFs approval picks up steam.

BNB’s remarkable 7% price surge in the last 48-hours saw the BNB chain native token rise from each a 65-day peak of $631.

Binance Coin (BNB) Price Action | Jan - May 2024 | TradingView
Binance Coin (BNB) Price Action | Jan – May 2024 | TradingView

BNB’s remarkable 105% year-to-date price comes at a period that Binance exchange has been under intense regulatory scrutiny.

Notably, BNB price had crashed 11% on November 26, 2023, when it was announced that US SEC fined Binance $4.6 billion in a settlement that saw Founder/CEO Changpeng Zhao step down.

The negative sentiment grew in 2024 when Nigeria arrested two Binance employees on currency manipulation charges.

Despite rapid withdrawals and dwindling trading volumes, and growing market FUD surrounding Changpeng Zhao sentencing, BNB price action has turn the tide.

With the anticipated approval of the Ethereum ETF, market dynamics are expected to shift favorably for exchange tokens like BNB.

As investor participation surges amidst rising prices, trading volumes and user base is expected to skyrocket across major exchanges such as Binance, increasing the value accruing to BNB holders.

BNB Price Forecast: Bulls to Defend $550 Support Level

BNB price is exchanging hands at $614 at the time of writing on May 24, having retraced mildly from its 24-hour peak of $631. BNB price could breakout to new all-time highs above $690 as investors anticipate the Ethereum ETF approval.

However, as the market enters a consolidation phase ahead of the SEC verdict on ETH ETFs, BNB bulls will likely look to avoid a reversal below $550.

BNB Price Forecast
BNB Price Forecast

In affirmation of this stance, BNB traders in the derivatives markets have deployed over $60 million worth of leveraged LONG positions at the $548.6 price mark.

Considering that the $60 million LONG postions far exceed the $35 million active SHORT contracts, bulls are likely to remain in control of the short-term BNB price momentum.

On the upside, bulls could face significant sell-wall around the $650 psychological resistance level.

Standard Chartered Eyes $8,000 ETH Price Following SEC Nod for Ethereum ETF

Abdulkarim Abdulwahab
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0
Standard Chartered Eyes $8,000 ETH Price Following SEC Nod for Ethereum ETF

A notable researcher at Standard Chartered has expressed confidence that the U.S. SEC will approve the first round of Ethereum spot ETFs this week, projecting a market value of $8,000 for ETH to follow. 

Notably, anticipation around the SEC’s approval for Ethereum ETFs has recently gained momentum. This is due to recent pivotal developments amid the looming deadline for pending applications.

For instance, the SEC’s decision on VanEck’s Ethereum spot ETF is due in two days. Also, the deadline for Ark Invest’s application follows closely on Friday, May 24. 

Meanwhile, the U.S. regulator has reportedly requested updates to 19b-4 filings from exchanges. According to sources familiar with the development, the SEC made the request on Monday. 

Prominent market commentators have interpreted the SEC’s demand for updated documents as a bullish sign that approval is imminent. This is reflected in the sentiments of Bloomberg analysts Eric Balchunas and James Seyffart. Specifically, Balchunas and Seyffart have revised their likelihood projection from the earlier pessimistic 25% to a significant 75%.

Ethereum Set for $8,000 Target This Year After Approval

During a recent interview, Geoff Kendrick, Standard Chartered’s Head of Digital Assets Research, asserted that approval will surface this week. He conveyed an 80% to 90% certainty of the SEC’s approval outcome.

Accordingly, Kendrick predicts that the approval of the ETFs could result in a demand for 2.39 to 9.15 million ETH tokens, translating to an estimated $15 billion to $45 billion in the first year post-approval.

This influx is expected to mirror the market impact of Bitcoin ETFs, which have seen inflows aligning with Standard Chartered’s projections. Kendrick’s analysis suggests that Ethereum could maintain its price ratio with Bitcoin, potentially holding at the current 5.4% for the remainder of 2024. 

According to the Standard Chartered researcher, this would imply an ETH price of $8,000 assuming Bitcoin reaches $150,000 by the end of 2024. With ETH trading at $3,771 at press time, the $8,00 target suggests a further 112% increase in price.

Meanwhile, $8,000 is not Standard Chartered’s peak target for ETH in this cycle. Previously, the bank forecasted ETH to rise to $14,000 by the end of 2025. The outlook aligns with its estimated Bitcoin price of $200,000 next year.

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