- With the approval of a Bitcoin spot ETF and the imminent approval of an Ethereum spot ETF, XRP is predicted to be next with a filing and subsequent approval.
- XRP is uniquely positioned as being the only altcoin that has legal protection from a security status from the courts.
As Bitcoin spot ETFs continue to impress with capital inflows, investors are taking an interest in cryptocurrency ETFs. The U.S. SEC has already received filings for an ether spot ETF with almost certain approval. Many in the industry remain curious about when an XRP ETF will be filed with the regulator.
In particular, experts have questioned the lack of a filing based on the fact that XRP is the only altcoin that enjoys legal status. This was established mid-last year when US District Judge Analisa Torres ruled that Ripple’s XRP is not a security.
Interestingly, BlackRock, the world’s largest asset manager, has teased several times about issuing an XRP-spot ETF. As CNF reported late last month, BlackRock has since denied these claims, and without specifying, the community has speculated that it is due to Ripple’s ongoing legal case with the SEC. This has been the understanding of many experts.
With the asset manager already involved with Ethereum, it is speculated that it will be eyeing XRP as its next target once the court case is concluded.
BlackRock is not the only one, and according to the Chief Investment Officer at Valkyrie Investments, an Ethereum and Ripple-based ETF filing could flood the market.
In an interview with Bloomberg Crypto, he explained;
You know I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress. You notice that Grayscale just added Ripple to one of their trusts that is publicly traded. So it wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.
As CNF reported, there’s increased confidence that Ripple could settle with the SEC. Whispers of a potential Ripple Labs and SEC settlement emerged last year, with legal experts suggesting it could be the optimal solution. The SEC faces a potential court defeat for an unwanted outcome, especially in an election year. Ripple, despite minor victories and a seemingly strong case, has endured a costly and time-consuming three-year battle. A settlement would allow Ripple to move on, refocusing its energy and resources on ecosystem development.
In addition to an ETF, there’s also speculation about Ripple Labs going public, boosting its stature in the industry. With these reasons fueling the price, investors foresee the altcoin reaching a new all-time high in 2024.
The next key target for the coin is $0.56, which will act as a resistance. If broken, it will forge a path to $0.60, which could form local support on the way to $1. At the time of writing, XRP is trading at $0.5583 after a 5% surge in the last 7 days.
