XRP ETF Dreams Spark Anew After Ripple's Legal Victory

The conclusion of the lengthy legal battle between Ripple and the Securities and Exchange Commission (SEC) has reignited hopes for the approval of spot XRP exchange-traded funds (ETFs).

ETF Providers Update Filings

Several leading ETF providers, including Franklin Templeton, Grayscale, Bitwise, Canary Capital, CoinShares, 21Shares, and WisdomTree, have recently updated their XRP ETF filings. Bloomberg ETF analyst James Seyffart highlighted these updates on X (formerly Twitter), suggesting they are a positive sign, likely prompted by SEC feedback.

These updates primarily concern the mechanics of ETF creation and redemption, with requests for the SEC to allow both XRP and cash creations and cash or in-kind redemptions.

The ETF Landscape

Currently, the U.S. market only offers derivative XRP ETFs from issuers like Teucrium, ProShares, and Volatility Shares. A spot XRP ETF would provide direct exposure to the cryptocurrency, potentially attracting broader investment.

Market Reaction

The legal news initially spurred a brief rally in XRP's price, reaching $3.10 before settling back to around $3.01. Despite this, XRP remains significantly below its all-time high of $3.84, achieved in January 2018.

Key Takeaways:

• Ripple's legal victory clears the path for potential XRP ETFs.
• Major ETF issuers are actively updating their filings, indicating serious interest.
• SEC approval is still uncertain, but the developments are encouraging.