The prospect of an XRP exchange-traded fund (ETF) in the U.S. is heating up, with growing optimism from industry experts and a recent filing by Canary Capital. This move comes amid an ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), but confidence in XRP’s future remains strong. Canary Capital’s latest ETF filing marks the second of its kind this month, following a similar submission by Bitwise. These developments signal a surge of interest in XRP from Wall Street players and financial institutions.
A Second Attempt – Canary Capital Leads The Charge
Canary Capital’s filing represents a renewed push to bring an XRP ETF to the U.S. market. As interest in cryptocurrency-based ETFs grows, financial experts like Nate Geraci, President of ETF Store, are optimistic. Geraci believes that an XRP ETF approval is inevitable, noting that the changing political landscape could be key to unlocking regulatory green lights.
“Approval is a matter of when, not if,” Geraci stated. He emphasized that a shift in U.S. presidential leadership or changes within the SEC could fast-track the acceptance of more crypto ETFs, including one for XRP.
Crypto Community Rallies for Change
Many in the crypto community are expressing frustration with SEC Chair Gary Gensler, whose tough stance on digital assets is seen by some as overly aggressive. A growing number of voices within the industry believe that regulatory actions under Gensler’s leadership are stifling innovation. Geraci and others argue that a change in administration could bring a more favorable regulatory environment for XRP and other cryptocurrencies.
Adding to the political drama, former U.S. President Donald Trump has shifted his focus toward cryptocurrency, raising hopes among investors that a potential return to office could lead to policies that favor digital assets. Trump’s renewed interest in crypto is seen as a potential catalyst for market growth and ETF approval.
Despite the optimism surrounding a possible XRP ETF, the ongoing SEC appeal in the Ripple case continues to weigh heavily on investor sentiment. Ripple’s Chief Legal Officer, Stuart Alderoty, has hinted at a possible cross-appeal, which could prolong the legal dispute. This uncertainty is causing mixed reactions in the market, with some investors adopting a wait-and-see approach.
Still, high-profile figures such as pro-XRP lawyer Bill Morgan and Ripple CEO Brad Garlinghouse remain positive about XRP’s future. Garlinghouse recently hinted that significant progress is on the horizon, saying, “It’s happening again,” referring to the latest ETF developments.
XRP Price Prediction – Can It Reach $3?
At present, XRP is trading around $0.53, marking a nearly 1% increase despite a 25% drop in trading volume, now sitting at $863.39 million. Although XRP experienced a brief spike above $0.66 earlier this month, ongoing legal challenges have kept market sentiment cautious. However, many analysts predict that XRP could see a price rally to $3 by the end of the year, particularly if the ETF is approved.
Also Read: Canary Files For XRP ETF – Aiming To Capture Growing Investor Demand Amid 0.12% Price Dip!
As the battle between Ripple and the SEC continues, the crypto community is watching closely for signs of regulatory clarity. With the potential for an XRP ETF on the horizon, the market is bracing for what could be a turning point for both Ripple and the broader crypto landscape. Whether or not the legal hurdles will be cleared, optimism remains high among market players who see XRP as a long-term contender in the cryptocurrency space.
As 2024 approaches, the XRP community holds on to hope for both a legal victory and an ETF approval that could send the digital asset soaring to new heights.
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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