The post Ripple News: Will the U.S. Approve an XRP ETF? Experts Weigh In Amid Legal Turmoil appeared first on Coinpedia Fintech News
The prospect of an XRP ETF in the U.S. is gaining traction, fueled by optimism from experts and the recent filing by Canary Capital. Despite the U.S. SEC’s ongoing appeal in the Ripple case, confidence in XRP’s future remains strong among market players.
Here’s the inside scoop on the biggest speculation of the year!
NEW: Canary Capital has officially filed an S-1 with the @SECGov for an $XRP ETF.
Canary is a new #crypto investment firm launched by @ValkyrieFunds founder @stevenmcclurg.
“We're seeing encouraging signs of a more progressive regulatory environment coupled with growing… pic.twitter.com/GbLWQy5p7q
— Eleanor Terrett (@EleanorTerrett) October 8, 2024
Growing Confidence After Recent Filings
Canary Capital’s recent filing marks the second attempt to launch an XRP ETF, following Bitwise’s initial filing earlier this month. This surge in filings signals increased confidence among Wall Street players regarding Ripple’s native cryptocurrency. ETF Store President Nate Geraci expressed a hopeful outlook, suggesting that approval is likely, depending on shifts in the political landscape. Geraci stated, “Approval is a matter of when, not if,” emphasizing that a change in U.S. presidential or SEC administration could be pivotal for crypto advancement.
Industry Sentiment Amid SEC Controversy
Criticism of SEC Chair Gary Gensler has intensified within the crypto community, with many viewing regulatory actions as overreaching. However, Geraci and others believe a shift in administration could open doors for an XRP ETF. Meanwhile, former President Donald Trump’s renewed focus on crypto has garnered attention, with some investors hoping for his potential return to office to stimulate innovation in the digital asset space.
Mixed Reactions to Legal Developments
The recent SEC appeal in the Ripple case has dampened some investor sentiment, leading to concerns that the legal battle may drag on. Ripple CLO Stuart Alderoty hinted at a possible cross-appeal, adding to market uncertainties. Nevertheless, prominent figures like pro-XRP lawyer Bill Morgan and Ripple CEO Brad Garlinghouse maintain a bullish stance, with Garlinghouse stating, “It’s happening again” in relation to ETF developments.
- Also Read :
- Ripple Vs SEC Appeal News: Legal Expert Says Ripple Should Cross-appeal; But Can They Win?
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Market Outlook for XRP
Currently, XRP is trading around $0.5301, up nearly 1%, with trading volume down 25% at $863.39 million. Despite experiencing fluctuations, including a brief spike above $0.66, investor sentiment remains cautious due to ongoing legal proceedings. Notably, market analysts project a potential XRP price rally to $3 by Christmas, fueling optimism despite the SEC’s latest actions.
As the situation unfolds, many in the XRP community remain hopeful for a favorable outcome in both the legal battles and the potential approval of an XRP ETF in the U.S.
