The second filing for XRP ETF by Canary Capital has sparked optimism in the market, with many experts revealing potential approval chances for the investment instrument. Meanwhile, this comes just after Bitwise made the first filing for such an ETF in the United States. In addition, the latest filing also comes as the US SEC has filed an appeal in the Ripple SEC case, which has further sparked discussions in the market.
Is XRP ETF Launch In The US Inevitable?
The recent filing by Canary Capital for XRP ETF has sparked optimism in the market. It marks the second filing in a row after Bitwise made a similar filing earlier this month. This continuous effort by the firms also reflects the growing confidence of the Wall Street players towards Ripple’s native crypto.
Meanwhile, commenting on the approval scenario, ETF Store President Nate Geraci, a renowned figure in the ETF space, shared an optimistic view. According to Geraci, the approval is likely to be imminent, but still, it depends on a key factor.
His confidence over a potential launch is evidenced by the statement “Another XRP ETF filing. Approval a matter of when, not if IMO.”. However, he added that this “when” is dependent on the change in administration. In other words, he has echoed the sentiment of many, who believe that a US presidential and the SEC administration change would help development in the crypto space.
Source: Nate Geraci, X
Meanwhile, many in the crypto community have slammed the US SEC chair Gary Gensler for its regulatory overreach in the crypto sector. Having said that, it appears that Geraci is also confident about a potential Ripple ETF launch if there is a change in the US SEC administration.
In addition, a flurry of investors and crypto market enthusiasts anticipates a Donald Trump win to foster innovation in the digital assets space. For instance, the latest shifting focus of the former US President toward crypto has gained notable traction from the market participants.
Will Ripple SEC Case Hinder The Potential Launch?
The latest US SEC appeal in the Ripple SEC case has weighed on some investors’ sentiment. The traders expect the ongoing legal battle to extend for a longer period after the recent appeal. In addition, Ripple CLO Stuart Alderoty has also said that the firm may consider a cross-appeal in the case.
However, despite that, many in the Ripple community appear to have remained confident over a potential XRP ETF launch in the US. For instance, pro-XRP lawyer Bill Morgan, in a recent X post, recently lauded the development of Canary Capital filing for the investment instrument. Commenting on his post, one user asked if the filings are serious or just “trolling the SEC”, given the recent appeal.
In response, Morgan said that US SEC trolling is normal in the crypto space, especially after the agency faced harsh criticism from the digital assets space. On the other hand, Ripple CEO Brad Garlinghouse also expressed confidence in the matter. In a recent X post, he shared an update that reads “It’s happening again.”
Source: Brad Garlinghouse, X
Meanwhile, it’s worth noting that Brad Garlinghouse has previously shown confidence in a potential XRP ETF launch in the US. Considering that, it appears that although the recent developments in the Ripple SEC war have fueled some concerns, the XRP community remained confident over a potential ETF launch.
What’s Next For XRP Price?
XRP price was up nearly 1% today and traded at $0.5301, while its trading volume fell 25% to $863.39 million. Notably, the crypto has touched a 24-hour high of $0.5341 and a low of $0.5216. Furthermore, XRP Futures Open Interest stayed near the flatline, indicating that the investors are waiting for further clarity before putting their bets into the crypto.
The recent US SEC appeal appears to have weighed on the investors’ sentiment. The crypto has crossed the brief $0.66 mark, before falling to its current level post the appeal. Now, with anticipation soaring over a potential settlement and a cross-appeal in the Ripple Vs SEC case, the market remains on edge.
However, an ex-SEC lawyer recently noted that a Ripple SEC settlement is unlikely, citing several reasons. Despite that, many top market experts remain bullish on the crypto, especially with the recent XRP ETF filings. For instance, recently, an analyst hinted at a potential XRP price rally to $3 by Christmas, sparking market optimism.
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