There has been a great movement in the cryptocurrency market recently. Canary Capital’s second ETF application for XRP has created great optimism among investors. This development came shortly after Bitwise filed the first ETF application for the XRP coin in the United States. The succession of these applications in the markets is interpreted as an indicator of the increasing confidence of investors and Wall Street in Ripple’s cryptocurrency XRP.
Are the conditions becoming suitable for XRP coin ETF approval?
With Canary Capital’s second XRP ETF application, a question has come to the fore in the market: Is the launch of the XRP ETF in the USA now inevitable? Nate Geraci, president of ETF Store, took a very optimistic approach in his statements on the subject. According to Geraci, the approval process is only a matter of time. However, when this time will come may depend on changes in administration in the United States.
Regarding the XRP ETF application, Geraci said, “Another XRP ETF application. “Approval is just a matter of time, not when, it seems certain that it will be approved.” he said. However, Geraci also emphasized that this “when” question will be shaped by the US presidential election and the change in SEC management. Many cryptocurrency investors and experts feel that current SEC Chairman Gary Gensler’s strict regulatory stance on cryptocurrencies has made XRP ETF approval difficult. Therefore, the expectation that a change in SEC management may create new opportunities in the cryptocurrency market is increasing.
Is Ripple lawsuit an obstacle in the way of XRP ETF?
But the road to XRP ETF approval is not entirely smooth. The United States Securities and Exchange Commission’s (SEC) recent appeal in the Ripple case has had a negative impact on some investors. This case is part of a long-running legal battle over whether Ripple’s XRP is a security, and its appeal has raised expectations that the case could drag on for a longer time.
Stuart Alderoty, Ripple’s general counsel, said the company may also consider a cross-appeal against the appeal. Although these developments have caused some investors to be cautious about XRP ETF approval, the Ripple community generally remains optimistic. For example, XRP supporter and lawyer Bill Morgan called Canary Capital’s XRP ETF application a positive development. Although some market participants questioned whether these applications were a “troll” towards the SEC, Morgan stated that such moves against the SEC were quite common in the crypto market.
Ripple CEO Brad Garlinghouse reiterated his confidence in the approval of the XRP ETF in a social media post on the subject. “It’s happening again,” Garlinghouse said. He clearly expressed his belief that ETF approval for XRP will happen sooner or later. Garlinghouse has previously said that the launch of an ETF for XRP is inevitable, and he remains so.
What is the latest situation in XRP price?
In light of these developments, there were fluctuations in the XRP price. While the price of XRP increased by 1% to $0.5301, its transaction volume decreased by 25% to $863.39 million. While XRP saw its highest level at $0.5341 in the last 24 hours, it recorded its lowest level at $0.5216. XRP futures open positions follow a horizontal trend, indicating that investors are waiting for more clarity before taking new positions in this uncertain period.
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