The post XRP News: Will Ripple Lawsuit Dismissal Push for XRP ETF Approval? Experts Anticipate XRP Price Surge appeared first on Coinpedia Fintech News
As the current market is flooding with crypto ETF applications, odds are rising for approval. Currently, the only approved XRP ETF in the US is the ProShares Ultra XRP ETF. However, with the recent regulatory changes and the Ripple platform’s own developments, the SEC’s approval of many more ETFs may arrive soon.
Impact of Ripple Lawsuit Dismissal on XRP ETF
On August 8, the Ripple vs SEC lawsuit concluded, leaving a $125 million fine intact. This case dismissal has a huge impact on XRP ETF applications’ approval. The lawsuit’s resolution brings regulatory clarity regarding XRP’s status. It confirms that XRP sold on public secondary exchanges is not considered a security. However, institutional sales were subject to securities laws.
After the dismissal, market sentiment immediately improved, with odds rising to 85%. According to Polymarket, the current possibility for XRP ETF approval is around 73%.
Moreover, Nate Geraci, president of The ETF Store, commented on the same day of the lawsuit dismissal, indicating that he believes BlackRock will apply for an XRP ETF. However, the company clarified that it is not planning for any XRP ETF currently.
What are the Experts Saying?
A crypto analyst, Kenny Nguyen, said, “XRP SHOULD BE AROUND $22 – $50 WHEN THE FIRST WAVE OF SPOT XRP ETFS KICKED IN.” He implied that ETF approval would likely cause a major rally, with XRP’s market cap potentially reaching $1.3 to $3 trillion.
Previously, on Monday, Steven McClurg, CEO of Canary Capital, stated, “XRP could attract $5 billion in investment in its first month post-ETF launch.” In a podcast with Paul Barron, he highlighted the strong institutional demand expected for an XRP ETF, explaining that the lawsuit’s conclusion against Ripple has accelerated momentum.
“I absolutely believe there will be an XRP ETF this year,” McClurg added.
The Frankfurt Stock Exchange stated, “As we said, a spot XRP ETF cannot be approved by the SEC as long as you are involved in a legal dispute with this exact company and this coin. That’s over now. So, from this point of view, nothing should stand in the way of a Spot XRP ETF now.”
Additionally, a Bloomberg analyst also said that he believes in 95% odds of XRP ETF approval.
Overall, experts are bullish that the Ripple lawsuit’s end has paved the way for XRP ETFs, with multiple pending filings and strong institutional interest.
When Will the SEC Approve the XRP ETF Application?
Currently, major asset managers like Grayscale XRP, 21Shares, Bitwise, Canary Capital, Wisdom Tree, Franklin Templeton, CoinShares, RexShares Rex-Osprey, and Volatility Shares have applied for an XRP ETF application. However, the SEC has delayed its decision, and the expected deadline for the final decision is October 18 to 25.