The XRP community is abuzz with anticipation as the deadline for the US Securities and Exchange Commission’s (SEC) appeal approaches on January 15th. This decision holds significant potential to influence the prospects of an XRP Exchange Traded Fund (ETF). In November, the SEC sought an extension to file its appeal by early January, sparking speculation that the delay might have been tied to waiting for the US election results.
Potential Dismissal of the Appeal?
The landscape appears to be shifting with the incoming pro-crypto Trump administration and the appointment of Paul Atkins as the next SEC chair. Doubts are mounting about whether the agency will proceed with the appeal. The appeal process is ongoing and typically spans about a year. However, there is a plausible scenario where the new administration might opt to dismiss the appeal. Although this would be an unprecedented move, it is not out of the realm of possibility.
Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, has previously urged the incoming administration to conclude the protracted four-year legal battle with the SEC. Alderoty is optimistic that a crypto-friendly SEC chair like Paul Atkins could rebuild industry confidence and provide the much-needed clarity. Dismissing the appeal could potentially lead to the clarification of XRP’s security status, thereby accelerating its ETF approval prospects. To date, the SEC has only approved Bitcoin and Ethereum ETFs, as they are not classified as securities. However, the market remains hopeful that the new administration will greenlight several altcoin ETFs, including XRP and Solana, by 2025. Companies such as Bitwise, Canary Capital, 21Shares, and WisdomTree have already submitted proposals for an XRP ETF. Current predictions from Polymarket suggest a 75% chance of an XRP ETF being approved in 2025.
Also Read:
- Why XRP Price is Going Down Today & What to Expect Next?
Bullish Outlook for XRP
The market sentiment indicates that XRP holders are anticipating a rally, potentially fueled by the approval of an ETF. Investors might be waiting for the ETF decision or expecting an altcoin season in 2025. Experts suggest that ETF approval could propel XRP’s price above $5, making the wait potentially rewarding.
Adding to the optimism, a recent comment from a well-known analyst, Lark Davis, has further bolstered the bullish outlook. In a recent post, Davis expressed his belief that the crypto market is on track to reach a $10 trillion market cap. “And when that happens, it will unleash mind-blowing gains that most people can’t even fathom,” he stated, reinforcing the positive momentum within the market.
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