Impact

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitwise-faces-hurdles-in-xrp-etf-approval" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitwise Faces Hurdles in XRP ETF Approval</a><br></p>
<p style="text-align: justify">Bitwise’s application for an <a href="https://en.bitcoinhaber.net/xrps-critical-support-battle-at-0-55-a-potential-precipice" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a> exchange-traded fund (ETF) faces significant setbacks as XRP’s market value tumbles nearly 20%. After closing at $0.66 last month, XRP now trades at $0.53, raising doubts about the potential approval of the ETF.</p>
<h2 id="how-does-the-sec-impact-ripple-s-future">How Does the SEC Impact Ripple’s Future?</h2>
<p style="text-align: justify">The U.S. Securities and Exchange Commission (SEC) has initiated legal challenges against <a href="https://en.bitcoinhaber.net/ripple-develops-xrpl-for-global-payments" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple</a>, contributing to the recent price drop of XRP. The SEC’s impending objections could significantly hinder XRP’s chances for ETF approval, adding to its complicated market position.</p>
<h2 id="are-analysts-skeptical-about-etf-potentials">Are Analysts Skeptical About ETF Potentials?</h2>
<p style="text-align: justify">Experts at Kaiko express skepticism regarding XRP’s chance of ETF approval due to ongoing legal issues and market manipulation fears. They state, “the probability of Grayscale moving from private placements to an XRP ETF is very low,” highlighting concerns over the SEC’s stance.</p>
<p style="text-align: justify">Grayscale’s recent launch of an XRP trust aims to transform it into an ETF eventually; however, analysts doubt this will materialize under the current market conditions.</p>
<p style="text-align: justify">The absence of a futures market presents divided opinions among analysts regarding XRP’s ETF approval. Some believe it is not critical, while others assert its beneficial role. SEC member Hester Peirce stated that a spot ETF might still gain approval without a futures market, suggesting that unique circumstances can influence outcomes.</p>
<ul>
 <li>Bitwise’s ETF application struggles as XRP’s value declines.</li>
 <li>Legal challenges from the SEC present major obstacles.</li>
 <li>Market manipulation concerns diminish the likelihood of ETF approval.</li>
 <li>Grayscale’s XRP trust faces skepticism amid current market dynamics.</li>
 <li>Debate continues on the importance of a futures market for XRP.</li>
</ul>
<p style="text-align: justify">The ongoing regulatory framework and the SEC’s determinations will significantly influence the status of cryptocurrencies like XRP. These elements contribute to a climate of uncertainty in the market, affecting all stakeholders involved.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/bitwise-faces-hurdles-in-xrp-etf-approval" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitwise Faces Hurdles in XRP ETF Approval</a></h5>

Bitwise Faces Hurdles in XRP ETF Approval

Table of Contents

BH NEWS

Other articles published on Oct 8, 2024

ETF analyst sparks outrage with ‘blatant misinformation’ about Ethereum

NEIRO Coin Price Update: What to Expect After Its 2845% Monthly Gain

Global Crypto Adoption to Hit 8% by 2025, BlackRock Says Pace Exceeds that of Internet and Mobile...

Wormhole Links Blockchain Networks Effectively

Binance Launches New SCR Coin Initiative

XSGD, Singapore’s First Dollar-Backed Stablecoin, Launches on Bitstamp to Power Global Cross-Bord...

Join our free newsletter for daily crypto updates!