The XRP community is on the edge of their seats as they eagerly await the US SEC appeal deadline on January 15th and its potential impact on the XRP ETF prospects. The agency had previously requested an extension to submit its appeal by early January, leading to speculation that the delay was to wait for the US election results.
With the incoming pro-crypto Trump administration and the appointment of Paul Atkins as the next SEC chair, there is growing doubt about whether the agency will proceed with the appeal. Marc Fagel, a legal expert, mentioned that there is a possibility that the new administration may move to dismiss the appeal, which could bring an end to the 4-year legal battle between Ripple and the SEC.
Ripple’s Chief Legal Officer, Stuart Alderoty, has also called for a resolution to the legal battle, urging the new administration to bring clarity to the industry. The dismissal of the appeal could clarify XRP’s security status and potentially accelerate its chances of getting an ETF approval. Currently, only Bitcoin and Ethereum ETFs have been approved by the SEC as they are not considered securities. However, there is hope in the market that the new administration will approve altcoin ETFs like Solana and XRP in 2025.
Several companies, including Bitwise, Canary Capital, 21Shares, and WisdomTree, have already submitted their XRP ETF proposals. Prediction site Polymarket is currently pricing a 75% chance of an XRP ETF approval in 2025.
The market sentiment suggests that XRP holders are anticipating a boost in prices driven by the potential ETF approval. Experts believe that an ETF approval could push XRP above $5, making the wait worthwhile for investors. Additionally, prominent analyst Lark Davis has shared a bullish outlook for the crypto market, predicting a $10 trillion market cap in the future, which could lead to significant gains for investors.
In conclusion, the XRP community is hopeful for a positive outcome from the SEC appeal deadline and the potential approval of an XRP ETF in 2025. The market remains bullish on XRP’s prospects, and investors are eagerly awaiting the decision that could have a significant impact on the cryptocurrency’s future. Stay tuned for more updates on this developing story.