ETF expert Nate Geraci forecasts the launch of the first spot XRP ETF within the coming days. He claims that the launch of spot XRP exchange-traded funds (ETFs) represents the final nail in the coffin of previous anti-crypto regulators, such as Gary Gensler-led Securities and Exchange Commission (SEC).
In an X post on November 3, ETF Institute co-founder Nate Geraci said he expects two weeks as the maximum timeline for the first spot XRP ETF launch. The wider crypto community, including Gemini crypto exchange, expressed bullish sentiment on XRP.
The prolonged U.S. government shutdown led to the SEC missing final deadlines for several XRP ETFs. The Grayscale XRP ETF was first in line to get approval on October 17. The other five issuers, such as 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree, also awaited the SEC’s decision last month.
Canary Capital updated its XRP ETF application, including the language, to launch by November 13. This comes after the automatic approval of Canary’s Litecoin and HBAR ETFs last month with 8-A and CERT filings.
Bloomberg analyst Eric Balchunas highlighted that Bitwise updated its ETF filing to announce a management fee of 0.34% and trade on NYSE Arca.
The launch of XRP ETFs marks a big win for Ripple against the anti-crypto regulators. The SEC’s lawsuit hindered Ripple and XRP’s growth for over five years. Paul Atkins-led SEC under the crypto-friendly Trump administration dropped the lawsuit earlier this year.
Nate Geraci said the “launch of spot XRP ETFs represents final nail in coffin of previous anti-crypto regulators. Have come a LONG way.” XRP hits multiple year-highs after the SEC v. Ripple lawsuit finally ended.
XRP price fell 3% in the past 24 hours from a high of $2.56, with the price currently trading at $2.42. However, the trading volume jumped by 40% in the last 24 hours, indicating massive interest among traders.
Analyst Ali Martinez pointed out that XRP started showing signs of weakness in the 4-hour chart. He expects the price may retest $2.25 next.
XRP ETF launch could trigger massive buying and bullish momentum towards $2.80 and $3 resistance levels. Whales have started accumulating XRP amid the Evernorth treasury developments.
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