XRP ETF approval speculation soars after Bitwise revised its filing recently, with many anticipating the regulatory nod to benefit the broader crypto market. The discussions have been intense recently, with many players filing for the investment instrument, despite the ongoing legal battle between Ripple and the US SEC. So, here we explore how a potential approval of the Ripple exchange-traded fund (ETF) could trigger a broader crypto market boom.
Why XRP ETF Could Propel Broader Crypto Rally?
The XRP ETF approval could mark a major milestone in the US, especially amid the ongoing legal battle between Ripple and the US SEC. Besides, the nod could also indicate that the regulators are turning soft towards digital assets.
Meanwhile, the concerns of the crypto market investors have mounted over the years, given the regulatory overreach of the US SEC towards the digital assets space. However, the market is anticipating a shift in regulatory approach after the upcoming US Presidential election.
For context, Donald Trump has reiterated his stance to fire the SEC Chair Gary Gensler if he is elected the President in the election. Many in the crypto community have lauded the development, as a flurry of traders sees Gensler’s stance hindering the innovation and growth in the crypto sector.
Considering all these aspects, the approval of the XRP ETF could indicate a friendly regulatory approach towards crypto. Besides, the approval of the US Spot Bitcoin ETF has also caused a rally in the broader crypto market. So, a potential approval of the investment instrument is likely to propel a broader market rally, let alone a surge in XRP price.
Bitwise Revises XRP ETF Filing Sparking Speculations
The leading crypto firm Bitwise has revised its application for a Ripple ETF to the US SEC recently. The updated filing revises the trust structure, custody arrangements, and share creation mechanisms. Notably, XRP price rallied following the development today.
Meanwhile, the proposed Bitwise ETF would allow investors to buy and sell XRP-backed shares, incurring standard brokerage fees. This move reignites speculation about a potential Ripple ETF approval, which could significantly boost the crypto’s adoption and value.
Besides, Canary Capital has also recently filed for a potential Ripple ETF, which has sparked widespread discussions in the market. On the other hand, the leading investment management firm, Grayscale has also filed to convert its SOL, XRP, and AVAX trust to ETF.
Notably, ETF Store president Nate Geraci has recently revealed key reasons that could help in the potential approval of the Ripple ETF in the US. This comments has sparked optimism, especially amid other positive developments in the market.
XRP Price Rally Amid Ripple SEC Update
XRP price today noted strong gains, crossing the brief $0.56 level, and currently traded at the $0.553 level. The crypto touched a high of $0.5641, with its Futures Open Interest rising 2% to $771.38 million.
Notably, the rally comes as Bitwise revised its XRP ETF filing, indicating its growing confidence in Ripple’s native crypto. Besides, speculations over a potential dismissal of the US SEC appeal have also bolstered market sentiment.
However, it’s worth noting that many in the crypto community have denied claims over a potential dismissal, saying that the agency might have a deadline of October 18. On the other hand, a popular crypto market expert predicts XRP price to hit $1.5 in the coming days, sparking further optimism amid ongoing rallies.
The post Will XRP ETF Approval Spark The Next Crypto Boom? appeared first on CoinGape.
