As a renewed sense of optimism surrounds Ripple’s XRP, Bitcoin has surpassed the $107,000 milestone during the NATO summit, directing investor focus to the forthcoming PCE and CPI data for indications of interest rate reductions. Simultaneously, tariff agreements associated with the Fourth of July are poised to impact market risk appetites significantly. Amid these developments, the potential market shifts for Ripple’s XRP become a point of interest.
Will an XRP Coin ETF Approval Occur in 2023?
Bloomberg professionals suggest that an XRP Coin ETF might secure approval by the year-end, citing several factors supporting this forecast. Notably, the anticipation is for the approval to precede Grayscale’s deadline on October 17. Grayscale, which transitioned BTC and ETH trusts into ETFs, remains proactive in pursuing XRP Coin’s inclusion. Many altcoins face October-November deadlines, leaving a window of approximately 80 days for potential advancements.
Polymarket analysis presents an 84% likelihood of an XRP Coin ETF approval, though the probability of this occurring by July’s conclusion is less than 10%. This contrasts with the over 80% likelihood recorded at the end of last year. What justifies such expectations for an XRP ETF approval?
- The introduction of CME futures for XRP lays a foundation akin to that of BTC and ETH for a Spot ETF pathway.
- Communication between potential issuers and the SEC suggests a prospective approval, say Bloomberg experts.
- The current SEC leadership does not classify XRP Coin as a security.
- Rumors suggest SEC interest in S-1 updates for SOL Coin, indicating a move towards altcoin ETF approvals.
- Being a US-based altcoin with numerous local agreements strengthens XRP’s position.
- A resolution between the SEC and Ripple has been reached, focusing now on procedural resolutions.
What Drives Ripple (XRP) Price Trends?
Soaring above the $2.2 benchmark seems likely for XRP. Alongside this, diplomatic gestures from China and a ceasefire with Iran invigorate market positivity. Meanwhile, Trump’s statements at NATO continue to capture market interest, emphasizing developments around tariff negotiations.
Speculative EU retaliatory steps threaten to further irritate Trump as the July 9 cutoff for negotiations looms close. With Trump having already pressured the EU with a substantial tax threat, tangible negotiation progress appears plausible. An early July deal could potentially catalyze XRP Coin’s upward trajectory alongside other altcoins.
In a favorable outlook, XRP Coin may target the $2.55 to $2.75 range. Enthusiasm surrounding potential ETF approval remains strong, with a decision in sight, suggesting inevitable investor-induced momentum in XRP’s market performance.
