SEC Approval Odds for XRP ETF Surge to 98%
The likelihood of the U.S. Securities and Exchange Commission (SEC) approving an exchange-traded fund (ETF) for XRP soared to an unprecedented 98% on June 3, according to decentralized prediction platform Polymarket.
According to the experts, there is a 93% chance the project will gain approval by December 31, 2025 and sentiment has risen by 23% in the last month despite obstacles from regulators. The optimism follows after the SEC decided to put off making judgments on several XRP-based ETF applications.
XRP Leads Altcoin ETF Filings
In mid-May, the regulator postponed deciding on Grayscale’s proposed XRP ETF and the next review is set for October. When April came, Franklin Templeton’s application for its spot XRP ETF was also delayed. Despite the problems, confidence amongst investors is not being shaken.
Bloomberg ETF analyst James Seyffart identified October 18 as a key date for potential approval and in general, expectations suggest Q4 is the broader window. Former officials like Seyffart hope that approvals start to gather in late June, the fall being a closer possibility.
The launch of XRP futures by CME on May 19 is supporting the recent gains and analysts believe this could encourage regulators to approve a spot XRP ETF.
Of all the altcoins, Ripple’s XRP has led the way in filing to create ETFs, helping its presence in the crypto market further. But, what defines the token’s regulatory category is still a matter of disagreement. Even after regulations were set in a court ruling, those who support Bitcoin still wonder if XRP should be a security or a commodity.
A Judge had previously ruled in Ripple’s case that retail sales of XRP are not investment contracts, which means XRP is not considered a security under U.S. law. Bill Morgan explained that questioning XRP’s legal status is not logical.
Since not everyone knows what XRP is, Morgan strongly points out that the law is clear: it is not a security. Markets seem to respond in this way as well. At today’s market price of $2.25, Ripple has gained 2.64% and its daily turnover is $2.5 billion.
