The recent decision by the SEC regarding crypto ETFs, particularly the request for issuers of spot ETFs, including one for XRP, to withdraw their 19b-4 filings, has caused a stir in the crypto community. However, Bloomberg analyst Eric Balchunas has expressed confidence in the approval of crypto spot ETFs, including the XRP ETF, stating that the odds are virtually guaranteed, almost 100%.
This optimistic outlook has sparked bullish sentiment among experts, with one predicting that XRP could potentially climb towards $33 in the near future. This positive momentum comes in the wake of the SEC’s move to streamline the ETF approval process through new “generic listing standards,” rendering older 19b-4 filings largely unnecessary.
According to Balchunas, only the final approval from the SEC’s Corporation Finance division is pending, signaling that the approval of crypto spot ETFs, including XRP, is inevitable. The SEC is scheduled to review six spot XRP ETF applications in October, with key players such as Grayscale, 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree in the lineup.
In light of these developments, experts are keeping a close eye on XRP price predictions. Crypto expert EGRAG Crypto has forecasted that XRP could potentially reach $33 in its next cycle, citing historical rallies of 350% in 2017 and over 100% in 2021 under similar conditions. Currently, XRP is trading around $2.87, reflecting a slight drop in the last 24 hours but still down 20% from its all-time high price.
Overall, the outlook for XRP and crypto spot ETFs remains positive, with approval expected to come soon. Investors and enthusiasts are eagerly awaiting further developments in this space as the crypto market continues to evolve.