Ripple: The SEC Won’t Approve an XRP ETF Anytime Soon, but an XRP ETP Is Around the Corner, Reports Uphold

• Ripple XRP’s potential rise hinges on the possibility of an XRP ETF, with Uphold bank executive Martin Hiesboeck expressing optimism about its development.

• Legal battles with the SEC over XRP’s classification as a security pose a significant hurdle for its ETF aspirations, but Ripple CEO Brad Garlinghouse remains hopeful.

Uphold bank executive Martin Hiesboeck remains buoyant about XRP’s trajectory, hinting at an imminent rise in its value. Hiesboeck points towards ongoing developments within the XRP ecosystem, suggesting that an XRP ETF could soon become a reality.

We are finally seeing the fruits of increased development on $XRP since the lawsuit was settled! An XRP ETP is around the corner too. There is life in the old girl.

— Dr Martin Hiesboeck (@MHiesboeck) March 12, 2024

The anticipation surrounding XRP’s potential rise is not without its hurdles. Ripple Labs, the company behind XRP, is embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) over whether XRP should be classified as a security. The outcome of this case will significantly impact XRP’s future, particularly its eligibility for an ETF.

Optimism Amidst Legal Uncertainty

Ripple CEO Brad Garlinghouse has been vocal about possibly launching an XRP ETF, particularly in light of recent regulatory developments. Garlinghouse’s remarks underscore the growing interest among industry stakeholders in providing investors with regulated avenues to access XRP. Given its rapid growth trajectory and robust trading volume, with the approval of Spot Bitcoin ETFs and murmurs of an Ethereum ETF, XRP emerges as a compelling candidate for ETF inclusion. Additionally, stakeholders eagerly await a final decision from the presiding Judge overseeing the case, which could sway the trajectory of XRP and its potential ETF.

The anticipation surrounding Ripple XRP’s future was significantly boosted with the announcement that eleven prominent financial institutions, including industry giants like BlackRock and Fidelity, are set to apply for an XRP ETF on April 12. This move has sparked renewed interest in XRP, with analysts projecting that the ETF could inject over $150 million into the XRPL volume daily, thereby significantly impacting the decentralized finance (DeFi) landscape.

Breaking: 11 financial institutions, including BlackRock and Fidelity, will submit an $XRP ETF application on April 12.

The #XRP ETF is expected to boost XRPL volume by over $150 million daily, impacting DeFi.

Huge news.

— Armando Pantoja (@_TallGuyTycoon) April 4, 2024

XRP Sees 2% Price Surge

Despite the regulatory challenges, recent market trends suggest a bullish sentiment towards XRP. Its rapid growth and substantial trading volume position it as a formidable contender for the next cryptocurrency ETF. XRP, the popular cryptocurrency, has experienced a 2% price surge in the past 24 hours, currently trading at $0.58. The 24-hour low and high for XRP stand at $0.568 and $0.613, respectively. This uptick in price comes alongside a notable increase in trading volume, which has risen by 45% over the same period, signaling heightened interest among traders.

The surge in trading volume suggests a growing interest in XRP among investors and traders. This heightened activity often accompanies price movements, indicating potential market momentum. With a 45% increase in trading volume, XRP attracts attention in the cryptocurrency market, potentially influencing its future price trajectory.

CoinGlass data reveals a significant uptick in Open Interest for XRP, which has increased by 4.26% in the last 24 hours, reaching $945.87 million. Open Interest is a key metric in understanding market sentiment and forecasting potential price movements. The rise in Open Interest for XRP indicates growing anticipation and participation in the market as investors position themselves for potential price fluctuations.