XRP Update: Increasing ETF Applications as Legal Dispute Concludes; BTC Rises Following Powell’s Remarks

Surge in ETF Activity and XRP Price Outlook

On August 22nd, a notable increase in activity captured the attention of ETF market leaders and legal professionals. Nate Geraci, the president of Nova DIUS Wealth, indicated that ETF publishers were busy submitting S-1 amendments related to the SPET XRP ETF. He noted:

“The S-1 fix is rolling in today with Spot XRP ETFs… Canary, Coinshare, Franklin, 21Shares, Wisdom Tree, and so far Bitwise.”

John E. Deaton, an Amicus Curiae Attorney, chimed in, highlighting the significance of programmatic sales. He remarked:

“Three years ago, the SEC claimed that XRP was illegal. The SEC’s attorney asserted that all XRP tokens were unregistered securities because they represented Ripple’s efforts. However, XRP itself isn’t a security. Without this determination, these spot ETFs likely wouldn’t materialize.”

This week, the SEC postponed deadlines for the Grayscale XRP Trust, Coinshares XRP Trust, 21Shares Core XRP Trust, and Bitwise XRP ETF until October.

The conclusive deadline falls between October 18th and October 25th. A critical question remains: has the ETF issuer discussed S-1 revisions with the SEC? If so, approval could arrive sooner than expected, especially since the US Court of Appeals has removed the last legal hurdle.

That said, publishers might have to wait for the SEC to finalize its standardized Crypto ETF framework. If the SEC rolls out this framework and subsequently approves the Spot XRP ETF, the following week is likely to be pivotal.

XRP Price Outlook: Spot Focused ETFs

Could the recent rebound in XRP signal the start of a longer-lasting bull market? On August 22nd, XRP climbed by 7.77%, recovering from a 3.39% dip on Thursday, ultimately closing at $3.0745. Compared to the broader market, which was up 5.98%, this was a noteworthy surge, raising the total crypto market cap to $3.99 trillion.

In the past few years, the XRP price outlook has hinged on several critical catalysts, including:

XRP-Spot ETF headlines.

Adoption of XRP as reserve assets by the Ministry of Finance.

Ripple’s banking license application in the US.

Updates related to Swift.

Legislative developments.

Possible scenarios include:

Bearish scenario: Legislative setbacks, a slowdown in the adoption of Treasury-protected assets, OCC rejecting US banking license applications, lawmakers favoring Swift, and the SEC denying the XRP-Spot ETF. These conditions could drive XRP below $2.7254 on or after August 3rd, potentially hitting $2.5.

Bullish scenario: Approval of the XRP-Spot ETF, OCC losing its share of US feature banking licenses quickly, increased adoption of Treasury reserve assets, bipartisan support for decisive actions, or Ripple capturing a larger slice of the global remittance market. These factors might push XRP past its previous high of $3.6606 (on Binance) and set the stage for reaching $5.

Additionally, broader macroeconomic developments and trends in Bitcoin (BTC) are also likely to influence XRP’s price movements.