Speculation around the approval of an XRP exchange-traded fund (ETF) has reached a fever pitch following Bitwise’s recent filing update. With Ripple still locked in a legal battle with the U.S. Securities and Exchange Commission (SEC), many are hopeful that the ETF approval could signal a more favorable regulatory environment for cryptocurrencies, potentially triggering a market-wide rally.
Why an XRP ETF Could Propel A Crypto Market Boom
An XRP ETF approval would represent a significant breakthrough, especially given the ongoing regulatory challenges Ripple faces. Market watchers believe such approval could suggest that U.S. regulators are softening their stance toward digital assets. Additionally, anticipation of a post-election policy shift is growing, with Donald Trump pledging to fire SEC Chair Gary Gensler if elected. Gensler’s aggressive enforcement of crypto regulations has been criticized as stifling innovation in the sector.
The approval of a spot Bitcoin ETF earlier this year provided a glimpse into how these investment products can rejuvenate the market. Similarly, an XRP ETF approval could boost not just XRP’s value but the broader crypto space, as it would provide new avenues for mainstream investors to access digital assets through traditional markets.
Bitwise’s XRP ETF Filing Sparks Optimism
Bitwise’s revised XRP ETF filing with the SEC is driving renewed speculation about potential approval. Key updates include changes to the fund’s trust structure, custody solutions, and share creation mechanisms. Following the announcement, XRP’s price surged to $0.5641 before settling at $0.553, with open interest in XRP futures climbing 2% to $771.38 million—reflecting growing market confidence.
Notably, other players are also vying for approval. Canary Capital recently filed for an XRP ETF, while Grayscale is exploring converting its XRP, SOL, and AVAX trusts into ETFs.
Nate Geraci, President of the ETF Store, added fuel to the optimism, pointing out factors that could support the Ripple ETF’s approval. His comments align with market sentiment, which is already buoyed by rumors that the SEC may dismiss its appeal against Ripple—though some argue the agency may act by the October 18 deadline.
What’s Next for XRP and the Crypto Market?
Amid the latest developments, XRP has rallied, briefly crossing the $0.56 mark. Market analysts are now predicting XRP could hit $1.50 soon if momentum continues. Should the ETF receive regulatory approval, it could serve as a catalyst for XRP’s price surge and inspire a broader crypto rally.
Also Read: Ripple vs. SEC – 3-Year Legal Battle Heats Up As XRP Faces 25% Drop Amid Appeal Uncertainty
With Bitwise’s revised filing and increasing market optimism, all eyes are on the SEC’s next move. If approved, the XRP ETF could become a pivotal moment, signaling a regulatory shift that opens new doors for crypto innovation and investment.
The XRP ETF saga is more than just a regulatory battle—it’s a litmus test for the future of crypto in the U.S. If the SEC gives the green light, it could unleash a new wave of investment, fueling bullish sentiment across the digital asset landscape. For now, the countdown to October 18 has traders and investors on the edge of their seats.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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