As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find myself intrigued by the latest developments surrounding XRP ETF and the ongoing Ripple SEC case.
The second application for an XRP ETF by Canary Capital is causing excitement in the financial world, as various analysts predict a high likelihood of approval for this investment tool. This follows closely on the heels of Bitwise’s initial filing for a similar ETF within the U.S. Furthermore, the recent application coincides with the U.S. Securities and Exchange Commission (SEC) appealing in the Ripple vs. SEC case, adding fuel to the market debate.
Is XRP ETF Launch In The US Inevitable?
The recent filing by Canary Capital for XRP ETF has sparked optimism in the market. It marks the second filing in a row after Bitwise made a similar filing earlier this month. This continuous effort by the firms also reflects the growing confidence of the Wall Street players towards Ripple’s native crypto.
Regarding the approval process, Nate Geraci – a well-known figure in the ETF sector – expressed a positive outlook. In his opinion, approval seems impending, yet it hinges upon a crucial aspect.
As a crypto investor, I exude optimism about an upcoming launch, hinting at it with the comment, “Another XRP ETF filing. Approval seems more a matter of ‘when,’ not ‘if’ in my opinion.” However, I must clarify that this ‘when’ hinges on a shift in administration. Essentially, I share the viewpoint of many others in the crypto community, who anticipate that a change in the US presidency and SEC leadership would catalyze growth and development within the cryptocurrency sphere.
As a researcher delving into the dynamic world of cryptocurrency, I’ve noticed a significant amount of criticism directed towards the US Securities and Exchange Commission (SEC) chair, Gary Gensler, for what many perceive as excessive regulatory intervention in our sector. However, amidst this discourse, there seems to be a shared optimism from experts like Eric Geraci, who suggests that the launch of a Ripple ETF could be possible under new US SEC leadership.
Moreover, there’s a growing excitement among investors and cryptocurrency fans that a potential Donald Trump victory could spark innovation within the digital asset sector. Notably, Trump’s recent interest in cryptocurrencies has caught the attention of many market players.
Will Ripple SEC Case Hinder The Potential Launch?
The latest US SEC appeal in the Ripple SEC case has weighed on some investors’ sentiment. The traders expect the ongoing legal battle to extend for a longer period after the recent appeal. In addition, Ripple CLO Stuart Alderoty has also said that the firm may consider a cross-appeal in the case.
As an analyst, I’ve noticed that despite some recent setbacks, the Ripple community remains optimistic about the potential launch of an XRP Exchange Traded Fund (ETF) in the US. For example, pro-XRP attorney Bill Morgan recently expressed enthusiasm over Canary Capital’s filing for such an investment instrument. In response to his post, a user asked whether these filings are genuine or merely attempting to provoke the SEC, given the recent appeal decision.
In response, Morgan stated that it’s common for the U.S. SEC to scrutinize cryptocurrencies, particularly following their criticism from the digital assets sector. On the contrary, Ripple CEO Brad Garlinghouse also showed optimism regarding the situation. In a recent post on X, he shared an update stating “It seems history is repeating itself.
In light of this, it’s important to mention that Brad Garlinghouse has expressed optimism about the possibility of an XRP ETF being launched in the U.S. in the past. Given this, it seems that while the ongoing legal battle between Ripple and the SEC may have sparked some worries, the XRP community continues to be hopeful regarding a potential ETF launch.
What’s Next For XRP Price?
Today, XRP‘s price increased approximately 1%, reaching $0.5301. However, its trading volume decreased by 25% to about $863.39 million. Interestingly, XRP reached a peak of $0.5341 and a low of $0.5216 within the last 24 hours. It’s worth noting that the interest in XRP Futures remains steady, suggesting that investors are cautiously observing for more information before investing further in this cryptocurrency.
It seems that the latest US Securities and Exchange Commission (SEC) appeal has caused unease among investors. Initially, the crypto value surpassed $0.66, but subsequently dropped following the announcement. As speculation rises regarding a possible settlement and a counter-appeal in the Ripple vs SEC lawsuit, the market remains tense.
However, an ex-SEC lawyer recently noted that a Ripple SEC settlement is unlikely, citing several reasons. Despite that, many top market experts remain bullish on the crypto, especially with the recent XRP ETF filings. For instance, recently, an analyst hinted at a potential XRP price rally to $3 by Christmas, sparking market optimism.
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2024-10-09 11:02