- Ripple says the SEC has dropped its case against it.
- Bettors now put the chances of an XRP ETF being approved in 2025 at 79%.
- JPMorgan estimates that XRP ETFs will see inflows of $8 billion.
Bettors are bullish about XRP exchange-traded funds.
On Wednesday, the chances that the Securities and Exchange Commission will approve XRP ETF applications this year jumped from 77% to 79% on Polymarket after Ripple announced that the regulator has dropped its case against it.
“This is it — the moment we’ve been waiting for. The SEC will drop its appeal — a resounding victory for Ripple, for crypto, every way you look at it,” Ripple CEO Brad Garlinghouse said in an X post on Wednesday.
The SEC hasn’t confirmed the news and declined to comment.
The improving odds highlights the growing buzz around the smattering of altcoin ETFs that has flooded the SEC since Donald Trump was elected in November.
On the campaign trail, the president pledged to end the Biden Administration’s and the SEC’s crypto crackdown. Since taking office, Trump has launched a number of initiatives to fulfil those promises.
Under Gary Gensler, the former chair of the SEC, the regulator fired off a barrage of lawsuits against crypto companies like Ripple.
Gensler stepped down on January 20 when Trump was inaugurated.
In a break from Gensler’s time at the helm, the SEC has now acknowledged a number of XRP ETF applications. The regulator has until mid-October to make a decision.
Northstake, a virtual asset service provider, estimates that investors will pour up to $800 million into XRP ETFs in the first week alone.
JPMorgan predicts investors will pour $8 billion into XRP funds in their first year of trading.
Ripple uses XRP to facilitate cross-border payments.
XRP is up 14.3% over the past 24 hours.
Crypto market movers
- Bitcoin is up 3.5% over the past 25 hours to trade at $84,646.
- Ethereum is up 8.4% to trade at $2,045.
What we’re reading
- Bitcoin miners accuse Arkansas of discriminating against Chinese operators ― DL News
- Why people are MAD at this Solana ad — Milk Road
- Homomorphic Encryptions And Their Role in Crypto: A Beginner’s Guide ― Unchained
- Why most traders fail with leverage — Milk Road
- Bitcoin heads for bear market as all eyes turn to the Fed. What analysts expect next ― DL News
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.