The prospect of an XRP ETF in the U.S. is gaining traction, fueled by optimism from experts and the recent filing by Canary Capital. Despite the U.S. SEC’s ongoing appeal in the Ripple case, confidence in XRP’s future remains strong among market players.
Here’s the inside scoop on the biggest speculation of the year!
Canary Capital’s recent filing marks the second attempt to launch an XRP ETF, following Bitwise’s initial filing earlier this month. This surge in filings signals increased confidence among Wall Street players regarding Ripple’s native cryptocurrency. ETF Store President Nate Geraci expressed a hopeful outlook, suggesting that approval is likely, depending on shifts in the political landscape.
Geraci stated, “Approval is a matter of when, not if,” emphasizing that a change in U.S. presidential or SEC administration could be pivotal for crypto advancement.
Criticism of SEC Chair Gary Gensler is rising within the crypto community, with many viewing regulatory actions as excessive. However, Geraci and others believe a change in administration could open doors for an XRP ETF. Meanwhile, former President Donald Trump’s renewed focus on cryptocurrency has drawn attention, with some investors hoping his return to office could promote innovation in the digital asset space.
The recent SEC appeal in the Ripple case has affected investor sentiment, leading to concerns that the legal battle may continue for a while. Ripple CLO Stuart Alderoty hinted at a possible cross-appeal, adding to market uncertainties. Still, notable figures like pro-XRP lawyer Bill Morgan and Ripple CEO Brad Garlinghouse remain optimistic. Garlinghouse recently stated, “It’s happening again,” referring to the ETF developments.
Currently, XRP is trading around $0.5301, up nearly 1%, although trading volume has dropped 25% to $863.39 million. Despite fluctuations, including a brief spike above $0.66, investor sentiment remains cautious due to ongoing legal issues. Notably, market analysts project a potential XRP price rally to $3 by Christmas, fueling optimism despite the SEC’s recent actions.
As the situation unfolds, many in the XRP community remain hopeful for a positive outcome in both the legal battles and the potential approval of an XRP ETF in the U.S.
Have your say! Let us know if you’re bullish or bearish on XRP’s ETF prospects.
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