The cryptocurrency market is bracing for a potential breakthrough as speculation builds over the US Securities and Exchange Commission’s approval of XRP ETFs. Though the SEC’s next move is unclear, experts believe that a major announcement is imminent. Some rumors even suggest that the US SEC’s approval of XRP ETFs could come as early as tomorrow.
SEC to Acknowledge XRP ETFs, Says Journalist
While speculations are rife on the SEC’s potential XRP ETF approval, Fox Business journalist Eleanor Terrett has fueled the excitement with hints of a major development tomorrow. In an X post, Terrett suggested that the SEC could acknowledge Grayscale Investments’ XRP ETF application on February 13.
Referring to Bloomberg analysts James Seyffart and Eric Balchunas’ ETF prediction chart, Terrett hinted at the SEC’s possible acknowledgment of Grayscale’s 19b-4 filing tomorrow. She further clarified that the regulator usually has a 15-day window to respond to a 19b4 filing. While Grayscale submitted its filing on January 30, the SEC’s next move is expected as early as this week.
Although it’s not a guarantee of approval, the SEC’s acknowledgment could convey a better idea of the regulator’s approach to XRP ETFs. Terrett stated, “Either way, it should give us a good idea of how the current SEC commission is thinking about XRP.”
Is SEC’s Ripple ETF Approval Imminent?
Notably, Donald Trump’s re-election has sparked renewed hope for XRP ETF approval, a development that seemed unlikely under the previous administration. While the ETF approval timeline is uncertain, many eye 2025 as the deadline, with some anticipating a sooner launch.
In a recent revelation, JPMorgan, an American-based multinational financial services firm, has posited that the SEC’s XRP ETF approval has now become closer. The platform even estimates that a new XRP fund could draw in up to $8 billion in investor inflows.
Meanwhile, the anticipated SEC acknowledgment tomorrow has invoked rumors of a surprise early approval of the Ripple ETF. Many deem tomorrow’s confirmation as a positive sign towards the SEC’s potential approval of the ETF. There are even rumors that the ETF could be approved as early as tomorrow.
However, legal expert Jeremy Hogan posited that the Ripple lawsuit settlement could be expected ahead of the XRP ETF approval. He added that the SEC’s ETF approval could take up to 12 months.
Ripple Sees Surge in Institutional Demand: How Will it Impact XRP Price?
Industry giants compete to launch an exchange-traded fund for XRP. Following Grayscale’s initiative to turn its XRP Trust into an ETF, CBOE and Nasdaq joined the rally. While Nasdaq has filed 19b-4s for CoinShares’ XRP and Litecoin funds, CBOE intends to introduce spot XRP ETFs for WisdomTree, Bitwise, 21Shares, and Canary Capital.
Acknowledging Ripple’s increasing institutional demand, advocate Bill Morgan stated, “If the SEC does approve the Grayscale spot XRP ETF this week it will be a significant milestone for XRP institutional adoption.”
Interestingly, the potential ETF approval could be a game-changer for XRP price. Analyst Dark Defender foresees an uptrend in the XRP price, asserting that a bullish reversal is incoming. As crypto enthusiast Brett posted, AI predicted XRP to skyrocket to $35 in just three months.
As of press time, XRP is trading at $2.39, down by 1.92%. Despite a marginal 0.76% surge over the last month, the token has seen a notable weekly dip of 6.28%.
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