News and fundamentals are not keeping the Ripple cryptocurrency quiet.
Possibility of an XRP-based ETF.
SEC appeals XRP lawsuit
A lot of water has passed under the bridge since the trial against Ripple's founders began. After endless trials, Judge Torres ruled almost a year ago that XRP does not constitute a security.
However, the SEC's appeal deadline was set for October 7, 2024. Before the deadline passed, the SEC just filed an appeal on the case.
The broader community is already reaching the point of being fed up with the SEC's lack of regulatory clarity, but for Ripple insiders, the situation has become absurd.
After the long-awaited judicial victory, the cryptocurrency that has been at the center of debate for years has seen a huge rise in price. But the most important thing is that it was able to resume its development plan.
With so many years on hold, XRP development lagged behind the competition in terms of transaction speed, scaling to support new smart contracts, NFTs, and more. This was a critical blow, but the development company that aims to build a network to tokenize assets took its first step with the announcement of a possible native stablecoin.
XRP is under attack again, however, it's not all bad news.
While the market was shaken by negative news such as the incidents in the Middle East, the macroeconomic data from the USA and the latest SEC attack, which caused XRP to drop by more than 12%, we have some great news.
Between Heaven and Hell: Possible ETF?
After the attacks, the most important news was overshadowed.
With the court victory, the rumor that spread like wildfire for months was the possible arrival of a Ripple ETF.
Today, a filing for a potential XRP-based exchange-traded fund, under the investment firm BITWISE, with the acronym "BITWISE XRP ETF", was finally leaked.
We cannot define the situation of XRP in better terms, literally a cryptocurrency that is between heaven and hell.
On the one hand, we have the incessant attacks from the SEC and on the other, the institutional capital that is looking favorably on this and is looking at it as an investment opportunity.
Conclusions:
History can repeat itself, that's for sure. We have already seen the regulatory instability of the SEC, which seems to be more pressured by institutional capital than by its ambiguous laws.
Just like BTC and ETH, both coins hung in the balance as the SEC pursued them legally. It wasn’t until the big investment firms got involved that the decisions changed.
The same could happen today, if the big firms apply pressure, the trial could end prematurely. We should also not forget that the US presidential elections are coming up, and in the event of a Democratic defeat, many figures will be replaced.
Finally, there is no doubt that the future of XRP is promising:
A judgment that most interpret as a tantrum by the SEC.
Institutional capital wanting to invest.
A network that has a lot to develop and contribute.
A take-off, at least in terms of infrastructure, is imminent.
Crypto Citizen says goodbye!! I hope the Ripple community is celebrating right now.