Are Ripple XRP ETFs Inevitable After These Positive Updates?

TL;DR

• Following the recent delays by the US Securities and Exchange Commission, several filings for Ripple ETFs have been updated by the companies behind them.
• The asset’s price has also staged a remarkable recovery following the recent local bottom, especially after yesterday’s update on the legal case against the securities regulator.

ETF Updates

Recall that just earlier this week, the SEC delayed making a decision on several XRP ETF applications filed by companies such as Bitwise, Canary, Coinshares, and Grayscale. These entities were quick to respond, according to Bloomberg’s ETF expert James Seyffart, as they have already updated their respective filings.

He believes this is “almost certainly” due to the feedback received by the Commission. The cryptocurrency community is familiar with this process, as the BTC and ETH ETF issuers had to endure essentially the same procedures before their respective funds saw the light of day. Consequently, Seyffart categorized these updates as a “good sign, but also mostly expected.”

https://twitter.com/JSeyff/status/1959004033596743695?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

Fox Business’ Eleanor Terrett shared Seyffart’s post, adding that these updates “make sense” to be done now, as the new deadline for the SEC is set for October, and it is approaching fast.

SEC Legal Case and XRP Moves

Ripple and the SEC had another interaction yesterday. As reported, the Second Circuit finally approved the two parties’ joint stipulation of dismissal, which was filed earlier in August. According to experts, this is most likely the final step needed before the official conclusion of the case. The duo had filed such dismissals in the past as well, but Judge Torres denied them at first.

XRP’s price reacted immediately to the news yesterday. The asset had tumbled to a multi-week low of under $2.80 but skyrocketed to $3.10 within minutes. It’s worth noting that it also benefited from the overall market revival following the Jackson Hole speech by Fed Chair Jerome Powell.

Despite retracing slightly since that local peak, XRP still trades above $3.00, which is a crucial support-turned-resistance-turned-support level.

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