As the deadline for the SEC’s appeal in the Ripple case nears, Bitwise has taken a significant step by submitting an ETF application for XRP Coin on October 7. The SEC’s decision, due soon, carries major implications for the cryptocurrency market, potentially concluding the Ripple dispute if no appeal is filed.
What Happened to XRP Coin’s Price?
In response to the ETF news, XRP Coin experienced a swift drop, falling below $0.61. This decline occurred despite verification of Bitwise’s application on official channels. Earlier, rumors had circulated about BlackRock’s involvement in a similar application, which was later identified as a false submission, prompting an investigation.
Will Bitwise’s Move Impact XRP Coin’s Market?
While the situation remains uncertain due to the lack of clarity from both parties about the authenticity of the application, Bitwise’s initiation of the ETF process could lead to significant price fluctuations for XRP Coin. Given Bitwise’s established reputation in the crypto ETF landscape, there is potential for a quick rebound in XRP Coin’s value.
Key observations include:
- Bitwise has filed for XRP Coin ETF amid SEC appeals deadline.
- XRP Coin’s price fell swiftly post-announcement, indicating market sensitivity.
- The SEC’s approval of the ETF seems unlikely under current leadership.
Market analysts anticipate that the developments surrounding the SEC and Bitwise will induce heightened volatility in XRP Coin’s price in the near term. The outcome of this situation will be closely monitored by investors and regulatory bodies alike.