XRP Price Rally Drives Hopes of a Spot XRP ETF Approval in 2024

• The XRP price uptrend has spurred discussions within the crypto community about the potential introduction of a U.S.-based spot XRP ETF.
• Martin Hiesboeck, attributes XRP’s recent bullish performance to increased development efforts following the resolution of the lawsuit, signaling a positive outlook for the token’s future.

Ripple’s native cryptocurrency XRP has gathered momentum recently gaining over 10% over the last week and shooting past $0.70.

The surge in XRP’s value has not only captured investors’ interest but also sparked discussions about the future of the sixth-largest cryptocurrency, particularly regarding the potential introduction of a U.S.-based spot exchange-traded fund. As reported by Crypto News Flash, insiders have been predicting the arrival of XRP ETf along with the Ripple IPO by the year-end.

Martin Hiesboeck, Uphold’s head of research, has been vocal about the advancements in the XRP ecosystem. Discussing the token’s recent bullish price movement, Hiesboeck linked the upward trend to “heightened development on XRP following the resolution of the lawsuit.” He referred to the regulatory certainty Ripple and XRP obtained in 2023. Commenting on the possibility of the upcoming XRP ETF, Hiesboeck said:

“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.”

As reported by Crypto News Flash last month, Ripple CEO Brad Garlinghouse addressed the potential launch of an XRP ETF. Garlinghouse expressed the blockchain payments startup’s openness to such an investment product, stating that they “would certainly welcome” it. Additionally, he noted the inevitability of multiple ETFs emerging for various crypto assets, as investors seek to diversify their risks.

Chances of XRP ETF Approval

The approval of several spot BTC ETFs in January sparked hopes within the XRP community for a similar product in the future. While an XRP ETF could unlock the coin’s full potential, various challenges lie ahead for its realization.

One significant hurdle is the requirement for XRP to obtain a non-security status in the United States. Following a court ruling in July 2023, which determined that Ripple’s institutional sales of XRP violated federal securities laws, the classification of XRP as a non-security is crucial for an ETF launch. However, sales on exchanges and programmatic sales were deemed compliant.

Moreover, recent observations by industry experts indicate diminishing optimism regarding a spot Ethereum (ETH) ETF. As reported by Crypto News Flash, the SEC decision on spot Ethereum ETF applications from top players like BlackRock and Fidelity continues to face further delays. Thus, the possibility of an XRP ETF hinges on whether the leading altcoin, Ethereum, can establish a precedent for its peers.

In the meantime, the XRP community eagerly anticipates Judge Torres’s final ruling, particularly since SEC attorneys informed the court of their decision not to appeal the status of XRP. As reported by Crypto News Flash, the upcoming deadline on March 22 for remedies-related briefs will serve as a pivotal moment, determining the direction of XRP’s price and influencing overall bullish sentiment in the broader crypto market.

This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.