Industry experts expect BlackRock to push for a spot XRP ETF as Ripple drops a cross-appeal against the US SEC in the ongoing lawsuit.
As Ripple dropped its cross-appeal against the US Securities and Exchange Commission (SEC) on Friday, ending the four-year XRP lawsuit, industry experts believe it will clear the way for BlackRock's spot XRP ETF filing.
As Ripple gets a legal and regulatory breakthrough, US issues are likely to fuel the race for the spot $XRP exchange-traded fund (ETF) in the coming months. Following yesterday’s advance, XRP is up 4% today, rising to $2.17.
BlackRock XRP ETF Filing Coming Soon?
On Friday, blockchain firm Ripple announced its decision to drop a cross-appeal against the US SEC in the ongoing $XRP lawsuit. The company’s CEO Brad Garlinghouse said the commission is likely to follow suit.
Commenting on recent developments, ETF Store President Nate Geraci called it a closed chapter, paving the way for the spot XRP ETF.
The resolution could also open the door for investment giant BlackRock to enter the space, potentially accelerating institutional involvement in XRP and other digital assets, Geraci added.
Earlier this month, Bloomberg analysts raised the odds of XRP exchange-traded fund (ETF) approval to more than 95 percent, citing the SEC's increased preoccupation with filings.
As a result, XRP has an equal chance of approval to other crypto ETFs as altcoins like Solana, Cardano, and Litecoin. Currently, Polymarket data shows a 78% chance of approval by year-end.
Other global jurisdictions have already stepped up their game, with the 3iQ XRP ETF going live in Canada last week. The ETF has seen significant demand with assets under management (AUM) crossing $32 million in the first four days.
Ripple price rises 3.5% as industry leaders cheer
Following the development, Ripple price rose 3.5% to $3.18. For a very long time, the Ripple crypto has been hovering in a range of $2.0-$2.4. According to data from Coinglass, 24 liquidations for XRP have risen to $5.5 million, with short liquidations of more than $3.5 million.
Industry experts and XRP advocates are celebrating the growth. Attorney Fred Rispoli commented:
“So, the fact that Ripple was ready with this decision less than a day from the Torres ruling means it at least heavily planned for this scenario, discussed it with the SEC, and made whatever agreements/discussions necessary for moving forward. Thank heavens this is over!”
Additionally, there are questions about $XRP institutional sales. But Bill Morgan, a lawyer for XRP, said the wallet data indicates that the wallet data shows heavy accumulation by major holders.
He added: "This escalating institutional punishment is happening anyway despite ongoing litigation between the SEC and Ripple to end it".
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