- XRP’s upcoming ETF approval could attract a staggering $5 billion in its first month of trading.
- October’s decisions from the SEC will mark a crucial moment for XRP’s future in the ETF market.
- Ripple’s partial legal victory has fueled investor optimism, positioning XRP as a potential major player on Wall Street.
The anticipation surrounding a potential U.S. XRP exchange-traded fund (ETF) is reaching a fever pitch. With approval looking almost inevitable, experts believe this launch could see an influx of billions. Nate Geraci, head of the ETF Store, emphasizes that the odds are virtually certain, with predictions suggesting $5 billion could flow into the market during the first month. Geraci’s confidence contrasts with prediction markets, which currently place the chances at 87%, a figure he believes significantly understates the ETF’s potential impact.
October Could Be the Turning Point for XRP
It is turning out to be a crucial month in the cryptocurrency sector as the U.S. Securities and Exchange Commission (SEC) will release several rulings regarding ETFs related to XRP. Grayscale, 21Shares, and Bitwise will all file approvals on October 18, respectively. Interestingly, the decision clock is concentrated in the mid-month, which poses a lot of pressure on both investors and industry observers. Should it pass, XRP will be treated in the same fashion as Bitcoin and Ethereum by regulators.
The checkered past with regulators has always been a handicap to Ripple, but its partial success in 2023 has changed the game. The legal tussle between Ripple and the SEC had already given rise to a rising sense that regulatory challenges will no longer remain a major challenge to the cryptocurrency. Because of this, major financial industry players are taking a new interest in XRP. The CEO of Canary Capital recently dubbed XRP as the most well-known cryptocurrency on Wall Street, only behind Bitcoin, which positions the digital asset as a prime candidate for an ETF.
Growing Number of Crypto ETFs Awaiting Approval
The XRP ETF is not the only cryptocurrency fund waiting for approval. In fact, a total of 92 crypto-related funds are currently in the pipeline, representing a range of digital assets from Bitcoin to altcoins. Solana leads with eight pending filings, followed by XRP with seven. This surge in filings indicates that regulators may soon open the floodgates for a new wave of crypto ETFs. Given XRP’s prominent position, it is seen as a strong contender for approval.
