Summary
- The Brazilian Securities Commission approved the world's first XRP spot ETF, causing XRP price to surge by 7%.
- In the US, investor expectations are growing as the likelihood of SEC approval for XRP spot ETF increases.
- JPMorgan predicts up to $8 billion in inflows during the first year if XRP spot ETF launches.
Cryptocurrency A to Z
Ripple-SEC Lawsuit Nearing End
Trump's Pro-Coin Stance
US Approval Likelihood Increases
JPMorgan: "$8B Inflow
Expected in First Year"
On the 20th, the Brazilian Securities Commission (CVM) approved the world's first XRP spot ETF. Upon this news, XRP surged 7%, reflecting investor expectations for XRP spot ETF trading. According to Polymarket, a decentralized prediction platform, the probability of XRP spot ETF approval within this year rose to 81%. This comes as expectations grow that the U.S. Securities and Exchange Commission (SEC) will also approve an XRP spot ETF.
According to industry sources on the 23rd, market speculation suggests that the legal battle between SEC and Ripple may soon end. John Reed Stark, former SEC enforcement director, stated on X (formerly Twitter), "SEC's appeal against Ripple will either be suspended or completely withdrawn" and that "SEC's cryptocurrency regulatory enforcement is now over."
Donald Trump's pro-XRP stance has also drawn attention. On the 19th, President Trump shared two articles about Ripple Labs CEO Brad Garlinghouse on Truth Social. Previously, reports emerged suggesting the Trump administration was considering XRP as a strategic reserve asset.
CEO Garlinghouse has continuously shown affinity with President Trump. He stated, "Trump is already making the cryptocurrency market great again" and that "In the past, the SEC froze our business opportunities."
The SEC has received XRP spot ETF review applications from six issuers including Bitwise, Grayscale, and 21Shares. The SEC must respond to Grayscale's XRP spot ETF approval request, submitted on the 14th, by October 18.
The launch of XRP spot ETFs is expected to positively impact XRP prices. JPMorgan forecasts that "XRP spot ETFs will attract up to $8 billion in inflows during their first year."
Son Min, BloomingBit Reporter sonmin@bloomingbit.io
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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