Financial markets are abuzz with discussions surrounding the potential approval of XRP ETFs, especially in light of the latest amendment filings. These developments come after a significant delay from the SEC regarding its decision on these funds, pushing the deadline to October.
The Impacts of XRP ETF Amendment Filings on Potential Approval
According to Bloomberg analyst James Seyffart, the recent amendments suggest proactive engagement with the SEC. He indicated that these updates are viewed positively, although not entirely surprising, given the SEC’s history of providing feedback on similar investment vehicles, as seen with Bitcoin and Ethereum ETFs.
Issuers including Grayscale, Canary Capital, Franklin Templeton, 21Shares, Bitwise, and WisdomTree have collectively submitted revised S-1 documents for their XRP ETF offerings. Market expert Nate Geraci has highlighted the synchronicity of these filings as a noteworthy indicator, further suggesting it reflects positively on their collective chances for success.
The context of these amendments is crucial, as they were submitted shortly after the SEC announced an extension on its decision-making timeline for XRP ETFs. Initially facing a deadline this month, the SEC opted to elongate the evaluation period, with October being the new focal point for these applications.
Bloomberg analysts Seyffart and Eric Balchunas estimate a staggering 95% likelihood that the SEC will green-light these ETFs within the year. Additionally, data from Polymarket suggests an 81% chance of approval this year. The recent conclusion of the SEC’s long-standing litigation with Ripple has also contributed to a surge of optimism in the market.
The Role of Judge Torres’ Ruling in XRP ETF Filings
Pro-XRP attorney John Deaton shared insights through an X post, asserting that the current XRP ETF submissions may not have materialized without Judge Analisa Torres’ pivotal ruling declaring XRP as not a security. This contrasts sharply with the SEC’s previous stance that XRP was an unregistered security connected to Ripple’s operations.
Looking forward, Deaton remarked that the anticipated deadline for Grayscale’s filing on October 18 could potentially set the stage for upcoming approvals. Drawing from the history of Bitcoin ETFs, he suggested that trading could commence within days post-approval. Conversely, following the timeline established by Ethereum ETFs could result in a much longer wait, potentially delaying trading for two months after approval.
As of now, XRP is valued at approximately $3, showing a slight decrease of 2% over the past 24 hours, according to CoinMarketCap‘s data.
