Ripple’s XRP rally fueled by growing institutional interest as SEC forms crypto task force 

XRP has maintained positive momentum following the SEC’s launch of a crypto task force headed by Commissioner Hester Peirce.
The crypto task force launch could help resolve the SEC’s case against Ripple and allow the approval of XRP ETFs.
XRP could stretch its massive uptrend to set a new all-time high above $3.55 as it develops a bullish flag pattern.
Ripple (XRP) is up 3% on Wednesday after the Securities and Exchange Commission (SEC) announced the formation of a new cryptocurrency task force. This task force is responsible for developing a more comprehensive framework for digital assets. In light of this announcement, asset managers have begun increasing their filings for an XRP exchange-traded fund (ETF).With clearer crypto regulations on the way, the new SEC administration may be inclined to withdraw its case with Ripple. A notice from the SEC’s website revealed that a closed-door meeting will be held with the new acting chairman of the commission on Thursday.Among the matters to be discussed are the resolution of litigation claims and matters relating to enforcement proceedings. As a result, the case against Ripple could take center stage in the meeting.The court battle, which lingered nearly four years under Gary Gensler’s administration, could be dropped as part of the new reforms to the agency’s regulatory oversight of the crypto industry.Ripple’s Chief Legal Officer (CLO) Stuart Alderoty shared his excitement about working with the SEC to create a clearer regulatory framework for crypto under acting chairman Mark Uyeda.”Looking forward to working with the Crypto Task Force to undo the prior administration’s damage,” he stated in an X post on Tuesday.Ripple executives are also trying to foster a close relationship with the Trump administration following a dinner with the President over two weeks ago.Likewise, the crypto community highly anticipates a faster approval of spot XRP ETFs with the introduction of the crypto task force.There are currently eleven XRP ETF filings from asset managers in the US, including ProShares, Bitwise, Canary Capital, WisdomTree, 21Shares, Rex/Osprey and Teucrium.Meanwhile, XRP’s exchange reserve across the three largest exchanges, Binance, Bithumb and Upbit, has been trending downward. Investors have withdrawn over 300 million XRP from these exchanges in the past two weeks for potential long-term holding.XRP Exchange Reserve (Upbit). Source: CryptoQuantXRP sustained $6.91 million in futures in the past 24 hours, per Coinglass data. The total amount of liquidated long and short positions is worth $4.38 million and $2.53 million, respectively.The remittance-based token is forming the flag of a potential bullish flag pattern with its consolidation between the $2.90 and $3.38 range.Before its latest bullish flag pattern, XRP had previously validated a bullish pennant when it surged above the pennant’s descending trendline resistance on January 11.XRP/USDT 8-hour chartHence, if XRP clears the upper boundary re