Recent speculation about the possibility of a spot XRP ETF approval has been sparked by a post from crypto analyst John Squire regarding BlackRock's pressure on the SEC.
BlackRock's ETF Speculation on XRP
John Squire mentioned in his post on X, "BlackRock is reportedly pressuring the SEC to approve spot XRP ETFs this Monday." He expressed doubts and emphasized that this information is speculation rather than confirmation. While the news sparked excitement in the XRP community, caution is advised.
Ripple's Legal Dispute Resolution
At the same time, Ripple has taken a step toward resolving its long-standing legal dispute with the SEC. CEO Brad Garlinghouse confirmed that the company has formally withdrawn its cross-appeal. This move is interpreted as a sign that Ripple expects the SEC to reciprocate, potentially leading to a resolution that removes regulatory issues surrounding XRP since 2020.
Market Response to ETF News
XRP's price reacted to the news of BlackRock's lobbying and the legal developments, rising to $2.22, then retreating to $2.18 due to profit-taking by short-term traders. This pattern aligns with typical market behavior surrounding ETF speculation. Investor caution remains high, particularly given the SEC's historically lengthy evaluation process for cryptocurrency investment vehicles.
Overall, XRP holders are closely monitoring the SEC's decision on its appeal and any forthcoming announcements from BlackRock or other institutional players. Confirmation of ETF approval could mark a pivotal moment for the token's market position and long-term investor confidence.
