XRP ETF Speculation Ramps Up After SEC Lawsuit Is Settled

Insidebitcoin2024/08/08 16:36

By:Insidebitcoin

Speculation over the possible approval of an XRP ETF (exchange-traded fund) is on the rise after a court ruling yesterday on a years-long court battle between Ripple Labs and the Securities and Exchange Commission ( SEC ).

A New York federal judge ordered Ripple Labs to pay a $125 million penalty in the case. Despite this, Ripple executives, along with several experts , are labeling the recent development a victory for Ripple given the SEC initially requested a $2 billion settlement.

Nate Geraci Asks “Wen XRP ETF?”

The Judge presiding over the case said that Ripple’s programmatic sales of XRP to retail clients through exchanges did not violate federal securities laws. That prompted ETF Store President Nate Geraci to include a snippet of the judge’s statement in a post on X with the caption “Wen XRP ETF?”

Pseudonymous X user JackTheRippler echoed a similar sentiment. “Ripple IPO and XRP ETF are guaranteed now,” he said in a post on X today.

Following the settlement, the price of XRP soared over 18% in the last 24 hours to trade at $0.6135 as of 9:00 a.m. EST.

An ETF Based On XRP “Makes Sense,” Says Brad Garlinghouse

Prior to Ripple Labs being ordered to pay a $125 million penalty, analysts were already speculating whether an XRP ETF would be the next product to launch after similar investment products based on Ethereum were listed in July.

With greater legal clarity now, the token might have an edge over other altcoins.

Earlier in the year, Ripple Labs CEO Brad Garlinghouse expressed optimism over the possibility of an XRP ETF, saying that a spot XRP ETF “makes sense for the XRP community overall.”

Just before ETH ETFs received the greenlight from the SEC, Bitwise’s chief compliance officer Katherine Dowling said in an interview with Bloomberg that the commission is open to talks regarding ETFs other than Bitcoin and Ethereum.

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