The US Securities & Exchange Commission is expected to approve all Bitcoin ETF applications on or around January 10, 2024. This has sparked enthusiasm among the Ripple Community members, for they believe that XRP ETF applications could be next on the table. While no official statements have come so far, it has been speculated that XRP ETF applications could see the light by April 2024.
No player has officially come forward with their application; however, it is only obvious to assume that Ripple would back its altcoin after winning the judgment against the SEC.
Judge Analisa Torres ruled in favor of Ripple in July 2023, seeking the SEC to accept that offering XRP to retail investors is not a securities asset. The Commission and Ripple were in lockheads before that, but things have fallen into their respective places since the final verdict.
Approval of Spot Bitcoin ETF is not a surety. The SEC may or may not approve applications. A reason why the community is optimistic about it anyway is because there is no reason for the SEC to reject applications from their point of view.
That said, the XRP token is being traded at $0.56 at the time of articulating this piece. That is a fall of approximately 1.71% in the last 24 hours. Moreover, 8.44% and 13.65% have fallen in the last 7 days and 30 days, respectively. A constant fall raises the question of whether talks about the XRP ETF are merely to kick the price upward for a positive trajectory. Potential issuers have not come forward. Hence, the price continues to rally.
Tables may turn when one or multiple issuers announce XRP ETF. There are stronger tides for the Bitcoin ETF as January 10, 2024, approaches. When a report suggested that the SEC might reject ETF applications, the token took a significant hit from the recent crypto market crash and reached a price of $41,000. That was said under the assumption that those who have filed the applications were missing a crucial aspect for approval.
Nevertheless, BTC has recovered from that hit and is now exchanging hands at $43,643.95. This still reflects a slip, but only 0.64% in the last 24 hours. The number is still high, up by 3.34% in the last 7 days and 0.45% in the last 30 days.
The XRP token has yet to manifest the sentiments that have been circulating in relation to the XRP ETF. While those words may hold validity, the altcoin will not experience a genuine upward trend until management companies publicly declare their intention to submit applications.
The likes of Fidelity, BlackRock, and Bitwise support bitcoin ETF applications. Most of them had to revise their applications to meet the requirements set by the SEC. A final call is expected to be made public on January 10, 2024. The focus of the community will then shift to Bitcoin Halving, which is scheduled to happen in the middle of this year, that is, 2024.