Following Ripple’s legal breakthrough, XRP’s price climbed 3.5% as on-chain data shows large holder accumulation.
As Ripple dropped its cross-appeal against the U.S. Securities and Exchange Commission (SEC) on Friday, putting an end to the four-year-long XRP lawsuit, industry experts believe that this would clear the way for BlackRock’s spot XRP ETF filing ahead. As Ripple achieves a legal as well as regulatory breakthrough, US issues are likely to race up for the spot XRP exchange-traded fund (ETF) in the coming months. Following yesterday’s development, XRP price is up 4% today, surging to $2.17.
BlackRock XRP ETF Filing Coming Soon?
On Friday, blockchain firm Ripple announced its decision to drop the cross-appeal against the US SEC in the ongoing XRP lawsuit. Company CEO Brad Garlinghouse stated that the Commission is likely to follow suit.
Commenting on the recent development, ETF Store President Nate Geraci called it a closed chapter, paving the way for a spot XRP ETF. Geraci further noted that this resolution could also open doors for investment giant BlackRock to enter the space, potentially accelerating institutional involvement in XRP and other digital assets.
Earlier this month, the Bloomberg analysts raised the approval odds of the XRP exchange-traded fund (ETF) to more than 95%, citing the SEC’s increased engagement with filings. As a result, XRP shares an equal probability of approval for other crypto ETFs for altcoins like Solana, Cardano, and Litecoin. Currently, the Polymarket data shows the approval probability at 78% by the end of the year.
Other global jurisdictions have already stepped up the game with the 3iQ XRP ETF going live in Canada last week. As reported by CoinGape, the ETF saw significant demand with assets under management (AUM) crossing $32 million within the first four days.
Ripple Price Jumps 3.5% As Industry Leaders Cheer
Following the development, Ripple price surged by 3.5% moving to $3.18. For a very long period of time, the Ripple crypto has been oscillating in the range of $2.0-$2.4. As per the Coinglass data, the 24 liquidations for XRP have soared to $5.5 million, with more than $3.5million in short liquidations.
Industry experts and XRP lawyers have been celebrating the development. Attorney Fred Rispoli commented, saying:
“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!”
Moreover, there have been questions about XRP institutional sales. But XRP lawyer Bill Morgan stated that wallet data points out the wallet data shows heavy accumulation by large holders. He added: “This growing institutional conviction was happening anyway despite the goings on between the SEC and Ripple to finally end the litigation”.
