Ripple concludes its long-standing legal battle with the SEC, generating optimism among investors and speculations about a possible XRP ETF launch.
Ripple Lawsuit Conclusion
Last Friday, Ripple made the decision to drop its cross-appeal in the XRP lawsuit. This marked the end of a legal battle that has stretched since 2020. Experts like Nate Geraci, president of The ETF Store, describe this as a significant turning point that could open the way for an XRP ETF.
Speculations around BlackRock's XRP ETF
While BlackRock has not confirmed any intentions yet, rumors about the launch of an XRP ETF have resurfaced. Earlier this year, there were discussions about a possible ETF launch, but BlackRock consistently stated they were not looking into altcoins like XRP due to the legal issues Ripple faced. Amid recent developments, Bloomberg analysts raised the odds of XRP ETF approval to over 95%.
Market Reaction and XRP Price
Following the announcement of the dropped appeal, XRP's price surged to $3.18, a gain of 3.5%. This movement saw $5.5 million in liquidations, mainly among those betting against the price. Legal experts like Fred Rispoli and Bill Morgan noted the strategic importance of Ripple's decision, which may lead to increased institutional investment.
With the conclusion of Ripple's legal battle, the prospects for a potential XRP ETF approval appear more favorable. Investor attention is now focused on whether BlackRock is prepared to take the next step.
