Will XRP ETF Approval Spark The Next Crypto Boom?

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As a seasoned analyst with over two decades of experience in both traditional and digital asset markets, I have witnessed numerous market cycles and regulatory shifts. In my humble opinion, the potential approval of the XRP ETF could indeed trigger a broader crypto market rally, and here’s why.

Speculation about the approval of an XRP ETF is on the rise following Bitwise’s recent revision to its filing submission. Many are optimistic that this regulatory approval would not only benefit Ripple but also have a positive impact on the entire cryptocurrency market. Lately, there has been considerable debate surrounding this topic, as multiple entities have filed for such investment vehicles, even amidst the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC). In this article, we delve into the potential implications of an approved Ripple exchange-traded fund (ETF) on the broader cryptocurrency market’s growth trajectory.

Why XRP ETF Could Propel Broader Crypto Rally?

The XRP ETF approval could mark a major milestone in the US, especially amid the ongoing legal battle between Ripple and the US SEC. Besides, the nod could also indicate that the regulators are turning soft towards digital assets.

As a crypto investor, I’ve noticed that apprehension among us has grown steadily due to the extensive regulatory hand of the U.S. Securities and Exchange Commission (SEC) in the digital assets sector. Yet, we hold onto hope for a change in regulatory strategy following the upcoming U.S. Presidential election, which many anticipate will bring a more favorable approach to our industry.

In the current scenario, Donald Trump has made clear that if he wins the upcoming election, he plans to dismiss SEC Chair Gary Gensler. This announcement has been met with approval from many within the cryptocurrency community, as they believe Gensler’s views have impeded the advancement and expansion of the crypto industry.

Examining all these factors, an approval for the XRP ETF might signal a favorable regulatory stance towards cryptocurrencies. Moreover, the green light given to the US Spot Bitcoin ETF has triggered a bull run across the crypto sector as a whole. Therefore, if this investment product is indeed approved, it could spark a broader market upswing, and an increase in XRP’s price would not be surprising at all.

Bitwise Revises XRP ETF Filing Sparking Speculations

Recently, Bitwise, a prominent cryptocurrency company, has made changes to its application for a Ripple Exchange-Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The revised filing includes adjustments to the trust structure, custody agreements, and methods for creating shares. Interestingly, the price of XRP increased after this development was announced today.

In the meantime, an upcoming Bitwise ETF plan enables investors to trade shares backed by XRP, with normal trading charges applying. This action has sparked renewed discussions about the possibility of approving a Ripple ETF, which could potentially increase both the crypto’s popularity and worth.

In addition, it’s worth noting that Canary Capital has recently proposed a possible Ripple ETF, igniting significant debates in the market. Meanwhile, Grayscale Investments, a prominent player in investment management, has also submitted applications for converting its SOL, XRP, and AVAX trusts into ETFs.

Significantly, Nate Geraci, president of the ETF Store, has shared some significant factors that might contribute to the possible acceptance of a Ripple ETF in the U.S. This insight has ignited hope, particularly considering other favorable trends happening within the market.

XRP Price Rally Amid Ripple SEC Update

Today, XRP’s price showed significant increases, briefly surpassing $0.56 and is now trading at approximately $0.553. The cryptocurrency reached a peak of $0.5641, while its Futures Open Interest increased by 2%, amounting to $771.38 million.

Significantly, the rally occurs since Bitwise adjusted its XRP ETF application, suggesting an increase in faith towards Ripple’s digital currency. Moreover, rumors about the possible withdrawal of the U.S. Securities and Exchange Commission’s appeal have added to optimism among investors.

It’s important to point out that while some within the cryptocurrency community have disputed rumors about a dismissal, they suggest that the agency might be working towards an October 18 deadline instead. Meanwhile, a well-known crypto market analyst anticipates XRP’s price could reach $1.5 in the near future, adding to the enthusiasm surrounding current market surges.

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2024-10-17 15:44