Welcome to the morning overview of crypto news in the US — your primary source for the most important events in the crypto industry for the day ahead.
Grab a coffee to find out what experts think about Ripple's price, considering the growing chances of XRP ETF (exchange-traded funds) approval in the US. These financial instruments provide investors with indirect access to cryptocurrencies and gradually attract institutional players to the digital assets space.
The probability of approval for the XRP-based ETF has risen to 85%.
The crypto market remains euphoric about Paul Atkins' appointment as the chairman of the US Securities and Exchange Commission (SEC).
There is much hope and optimism regarding the significance of his appointment for cryptocurrencies, occurring after a period of repressive regulation from his predecessor, Gary Gensler.
After positive shifts in legal cases against crypto companies and the lifting of repressive banking regulations, what’s next? First, the market is awaiting the implementation of the Strategic Bitcoin Reserve, with the US on its way to becoming a global Bitcoin superpower.
Meanwhile, ETF analyst Eric Balchunas reached out to Paul Atkins for hints on when the US Securities and Exchange Commission will approve the first spot XRP ETF, among other altcoin-based financial instruments.
At the same time, he and his colleague, ETF analyst James Seifert, remain optimistic that the approval of additional altcoin-based ETFs, aside from Ethereum, is just a matter of time.
“I would like to hear directly from Atkins, but all the chances for this are,” noted Balchunas.
In particular, the XRP ETF has an 85% chance of approval, placing it among the leaders for regulatory approval likelihood in 2025. Balchunas also shared a list outlining the probabilities of approval for various spot crypto ETFs. Seifert notes that delays in approval should not come as a surprise. He urges crypto market participants to maintain hope after October 2025 and until the end of the year at worst.
“...The final deadlines for most of these issues are in October 2025 or later,” said Seifert.
However, Balchunas acknowledges that Paul Atkins' confirmation as the new SEC chairman has initiated the process.
“...nothing was approved until Atkins was confirmed... he was just confirmed, and they are already holding external meetings with people. They are likely developing a strategy. After that, approvals are likely to follow,” expressed Balchunas.
Crypto traders and investors will welcome more exchange-traded funds based on altcoins, aside from Ethereum ETF. Such financial instruments will provide cryptocurrencies with more legitimacy, open the field for institutional participation, and accordingly increase liquidity.
A recent publication from US Crypto News pointed to the growing acceptance of BTC over gold, the increase in Bitcoin ETF flows against lagging gold ETPs (exchange-traded products).
Trading of ProShares Futures XRP ETP will begin.
Meanwhile, these events come after the spread of false rumors that the US Securities and Exchange Commission approved the XRP ETF. However, BeInCrypto refuted these claims, clarifying that only credit and short futures ETFs on XRP were allowed for trading on April 30.
Despite false claims, the approval of the futures ETF on XRP from ProShares has sparked optimism. Experts now predict that a spot XRP ETF could emerge, potentially attracting $100 billion to the payment token.
“The spot XRP ETF could be next, unlocking real demand and driving prices up. $100 billion+ may soon flow into XRP,” wrote industry expert Armando Pantoja.
Against this backdrop, analysts claim that approval could lead to an almost 50% increase in XRP’s price, potentially reaching $3.40. Others also suggest that XRP could surpass Ethereum in market capitalization.
