What does delay mean for traders?
The ongoing holdups in the launch of XRP-related ETFs are making it tough for institutional demand to gain traction, causing the tokens to stagnate. On the other hand, Solana is experiencing some growth, reaching a six-month peak of $218.01 on August 29, which underscores the critical role of the spot ETF market.
The absence of significant price drivers might put pressure on XRP. That said, the crypto community remains optimistic that the SEC will approve the pending Spot XRP ETF by the deadline in October. This could lead to a rebound in approvals.
Nate Geraci, president of Novadius Wealth Management, weighed in:
“You’ve heard it here first… There’s definitely an underestimation of the demand for Spot XRP and Sol ETFs.”
He added:
“As you can see… I’ve been around this before, and I have the receipts.”
Geraci shared two pieces of evidence. Notably, in a post from July 2023, he remarked:
“You’ll be on the record… The launch of the Spot Bitcoin ETF should break previous records. It’s not even close.”
XRP Price Outlook: Bull and Bear Scenario
Can XRP attract dip buyers ahead of the Spot XRP ETF approval? As of Monday, September 1st, XRP closed at $2.7598, down 0.59%, following a 1.52% dip the day before. Overall, the broader market fell slightly, resulting in a crypto market cap of $3.71 trillion.
In recent times, the outlook for XRP’s price has depended on several key factors, such as:
- XRP-Spot ETF headlines.
- Acceptance of XRP as reserve assets by the Ministry of Finance.
- Ripple’s application for a banking license in the U.S.
- Updates related to Swift.
- Market structure developments.
Possible scenarios include:
- Bearish scenario: Legislative hurdles, low demand for assets from major companies, the OCC rejecting Ripple’s banking license application, lawmakers favoring Swift, or the SEC disapproving the XRP Spot ETF. These factors could drive XRP down to $2.5.
- Bullish scenario: Approval of the XRP-Spot ETF, the OCC granting U.S. banking licenses, increased demand for XRP Treasury assets, bipartisan support for clearer actions, or Swift becoming accountable. These developments could push XRP past its record high of 3.6606 (Binance).
October is likely to be pivotal, determining whether XRP breaks out or declines. Meanwhile, regulatory factors, global economic shifts, and Bitcoin price trends continue to influence investor sentiment.
