After Grayscale’s and Ripple’s Win Against SEC: XRP Spot ETF Approval to Unlock $30 Trillion for Crypto Market, Pushing Price to $1 and Beyond

2023-09-06 10:00:48

Inspired by the SEC insiders and Forbes Digital Assets who suggest that a game-changing approval is near, the buzz isn’t just about Bitcoin and Ethereum anymore—Ripple’s XRP is in the spotlight, too. Mark Phillips’ tweet encapsulates this excitement perfectly:

The Landscape for SEC Approval

Former SEC chair Jay Clayton has mentioned the “inevitable” approval of a Bitcoin spot ETF, fueling optimistic expectations for other crypto assets like XRP. This comes on the heels of the SEC postponing decisions on ETF applications from giant asset managers overseeing a collective $15 trillion.

Legal Wins Boost Prospects

After Grayscale’s landmark legal victory against the SEC, the odds for the approval of a spot Bitcoin ETF by the end of 2023 have risen from 65% to 75%. This win might pave the way for other crypto assets, including XRP.

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Riding a wave of judicial approval, Ripple is looking into diversified applications for its native token, XRP. Bloomberg’s James Seyffart indicates that for an XRP spot ETF to get the green light from the SEC, a listing on the Chicago Mercantile Exchange (CME) is crucial.

Impact of an XRP Spot ETF

Mark Phillips’ tweet raises the tantalizing possibility of an XRP ETF serving as an On-Demand Liquidity (ODL) pool. Such a development could make an XRP ETF uniquely attractive, not just appreciating in price but also becoming more valuable through ODL utility.

Institutional Demand is Climbing

Contrary to some analyst expectations, there is increasing demand for XRP among institutional investors. With skyrocketing XRP sales and recent reports showing a $0.5 million institutional inflow, this crypto asset is gathering steam.

The stage seems set for a spot XRP ETF, a move that could unlock trillions in market capitalization and redefine the crypto investment landscape.

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