XRP Soars on Optimism Over ETF Approval

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Ripple (XRP) surges to $2.80 on recent positive signals from the coin’s ecosystem and a forecast from JP Morgan that more than $8 billion could flow into the XRP ETF if approved by the US Securities and Exchange Commission (SEC).

XRP Bullish

In a recent research report, JP Morgan analysts said that the XRP ETF could attract $4.3 billion to $8.4 billion in inflows within 6 to 12 months of its launch, assuming the filing is approved by the SEC. While the agency is currently cautious about cryptocurrency ETFs other than Bitcoin and Ethereum, analysts expect the upcoming new administration and a change in SEC leadership to be a game changer, spurring innovation opportunities in the crypto space.

The SEC is currently delaying a decision on Bitwise’s proposal to convert its Bitwise 10 Crypto Index Fund (BITW) into a cryptocurrency ETF. The fund includes XRP, Bitcoin, Ethereum, and other crypto assets. If Bitwise’s application is approved, it would pave the way for the SEC to approve an XRP ETF.

Ripple’s Legal Move

According to Stuart Alderoty, Ripple’s chief legal officer, the company asked the SEC to delay the deadline for filing its opening brief in its appeal of the case between Ripple and the SEC, which was scheduled for Wednesday. However, the SEC has denied the request and is sticking to the current schedule. If the SEC fails to file the brief by the deadline, the original ruling will automatically take effect. However, Alderoty’s comments suggest that the SEC will likely file before the deadline. Gensler’s crypto fight at the SEC will come to an end on January 20.