Investor sentiment regarding the approval of a spot XRP ETF has significantly increased. Polymarket data now suggests an 83% likelihood of the ETF being given the green light, despite the ongoing delays by the US Securities and Exchange Commission. Some experts believe that the SEC is utilizing the full review period at its disposal.
Analyst James Seyffart from Bloomberg notes that the SEC typically takes the entire 240-day period to evaluate 19b-4 filings. Recently, the agency extended the deadline for Bitwise’s Ether staking change by an additional 45 days. This trend indicates that most spot ETF applications will likely face final decisions around October, making early summer approvals highly improbable.
While the launch of XRP futures contracts and related products by major exchanges like the Chicago Mercantile Exchange and Nasdaq is a positive development, these offerings are not equivalent to a spot ETF. Nevertheless, they demonstrate a growing interest in XRP among institutional investors.
Ripple’s CEO, Brad Garlinghouse, emphasized the significance of ETFs in enabling Wall Street to invest in cryptocurrencies more easily. He pointed out the success of the Bitcoin ETF and expressed optimism for similar products tied to XRP.
Despite the delays and uncertainties surrounding regulatory decisions, market observers caution that odds in prediction markets can fluctuate rapidly. Investors are advised to monitor developments closely as the October deadlines draw near.
The anticipation surrounding the potential approval of an XRP spot ETF is palpable, although past experiences suggest that regulatory processes can be slow. While futures ETFs offer an alternative route to access the XRP market, they come with their own set of challenges. Both institutional and retail traders will be closely following the SEC’s decisions with anticipation and a measure of patience.
[Original article source: https://www.newsbtc.com/analysis/xrp-etf-approval-odds-soar-as-investors-await-sec-decision/]