Some news about the cryptocurrency XRP
1. Market Position and Growth in Value: XRP recently became the third most valuable cryptocurrency, overtaking Tether. Its market cap has reached nearly $150 billion, partly attributed to political changes in the US, including the return of Donald Trump to the presidency and the announcement of the planned resignation of SEC Chairman Gary Gensler. XRP has seen a 400% increase since the US election.
2. ETF Plans: Bitwise has filed with the SEC to launch the first spot ETF focused on XRP. The ETF would give investors direct exposure to the XRP token. In its filing, Bitwise states that XRP is not a security, contradicting previous SEC statements. BNY Mellon would act as the fund’s administrator and transfer agent, while Coinbase Custody would serve as the custodian.
3. Legal battles with the SEC: The SEC has appealed a July 2023 court ruling that limited its authority over cryptocurrency markets. The court ruled that XRP sold on public exchanges is not a security, meaning that the roughly $757 million worth of sales are not subject to investor protection laws. The ruling could affect the SEC’s ability to regulate other cryptocurrency entities, such as Coinbase. However, the SEC scored a partial victory when the court ruled that $728 million worth of XRP sales to institutional investors should be subject to securities laws. Ripple was fined $125 million, but payment of the fine was suspended pending the resolution of the appeal.
4. Predictions and Speculation: Some analysts are predicting bold price moves for XRP, which is causing speculation and concerns among investors. It is important to monitor the market and be cautious when making investment decisions.
5. XRP and Solana ETFs Expected: According to JPMorgan, the approval of Solana and XRP ETFs could attract a massive inflow of investment. It is estimated that these funds could attract up to $13.6 billion in the first year, increasing the adoption of these altcoins and strengthening their position in the digital asset market.