Insightful Analysis on XRP ETF Amendment Filings
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The Implications of XRP ETF Amendment Filings
Bloomberg’s analyst, James Seyffart, recently provided insights into the recent amendment filings for XRP ETFs, shedding light on what these could mean for potential approval by the SEC. These amendments emerged in response to the SEC’s decision to delay its ruling on these funds until October, marking the final deadline for such decisions.
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The Significance of Recent XRP ETF Amendments
In a recent social media post, Seyffart suggested that the amendments to the XRP ETF filings were likely influenced by feedback from the SEC, which he viewed as a positive indicator, albeit an anticipated one. The SEC frequently offers guidance during the review phase, as seen with previous Bitcoin and Ethereum ETF evaluations.
This commentary was made as prominent financial entities, including Grayscale, Canary Capital, Franklin Templeton, 21Shares, Bitwise, and WisdomTree, all submitted updated S-1 filings for their respective XRP ETFs. Market expert Nate Geraci also weighed in, highlighting the significance of these simultaneous amendments by the issuers, considering it a highly optimistic sign.
It’s pertinent to acknowledge that these amendments followed the SEC’s decision to postpone its ruling on the XRP ETFs. The Commission was initially expected to approve or reject the applications by a specific deadline this month but opted to extend the review process to its ultimate deadline in October.
Bloomberg analysts James Seyffart and Eric Balchunas estimate a 95% likelihood of SEC approval for these funds within the year. Additionally, data from Polymarket suggests an 81% probability of approval. The optimism is further fueled by the resolution of the long-standing legal dispute between the SEC and Ripple.
The Catalyst: Judge Torres’ Ruling on XRP
In another social media post, pro-XRP attorney John Deaton emphasized that the XRP ETF filings might not have materialized without Judge Analisa Torres’ pivotal ruling, affirming that XRP itself does not qualify as a security. He reflected on past SEC assertions that XRP was illegal, arguing that it represented Ripple’s efforts, thus categorizing all tokens as unregistered securities.
Fast forward to the present, and the anticipated approval of XRP ETFs looms, with Grayscale’s submission approaching its final deadline on October 18. Drawing parallels to the Bitcoin ETFs, Deaton speculated that, ideally, XRP ETFs could commence trading within one to five days post-approval.
Conversely, should the XRP ETFs follow the trajectory of Ethereum ETFs, trading might not begin until approximately two months after approval. Initially, the SEC had approved the 19b-4s for Ethereum ETFs but delayed the S-1 filing approvals, pending further disclosures at the time.
Current Market Status of XRP
As of the latest update, XRP is priced at approximately $3, reflecting a nearly 2% decline over the past 24 hours, according to CoinMarketCap data.
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