The US SEC is scheduled to announce decisions on six spot XRP ETFs from October 18th to October 24th. The six ETF applicants are Grayscale, 21Shares, Bitwise, CanaryCapital, CoinShares, and WisdomTree. If approved, it would be the first spot XRP ETF instance in the United States. Let’s discuss what investors and market participants can expect.
Will the SEC approve an XRP ETF this month?
On September 17, the SEC introduced new public listing standards for commodity-based trust shares. The move eases the approval process in a bid to “promote innovation.” This move is consistent with the SEC’s pro-cryptocurrency stance since President Trump took office.
It is very likely that the SEC will approve at least one XRP ETF this year. SEC Chairman Paul Atkins said he is determined to advance the U.S. crypto industry. President Trump has also said he wants to make the United States a global cryptocurrency hub. XRP is a US-based cryptocurrency project that could benefit from the current administration’s pro-American outlook. Ripple CEO Brad Garlinghouse also had dinner with President Trump earlier this year, sparking further talk about the possibility of the XRP ETF being approved by the SEC.
ETF approval could lead to a large influx of institutional funds into XRP. Bitcoin (BTC) and Ethereum (ETH) have hit new all-time highs thanks to steady ETF inflows. Following ETF approval from the SEC, the price of XRP could follow a similar pattern.
However, there is always the possibility that the SEC may postpone its decision or deny approval altogether. Such developments could pose challenges to the price of XRP. Additionally, the cryptocurrency market remains extremely fragile. The macroeconomic situation has not yet improved. ETF approval alone may not lead to an increase in the price of XRP.
