XRP ETF Speculation Gains Momentum as Polymarket Poll Jumps to 87% "Yes" on March 28

After being freed from the regulatory pressure of being targeted by the SEC, now that the Commission chose to drop its appeal

The price of XRP has risen by 5% in the past 24 hours, now trading at $0.42 at the time of writing, according to CCYH14.

The cryptocurrency, issued by Ripple, has been in the news recently as the SEC dropped its appeal against a 2023 ruling that favored Ripple Labs.

A new report by Nate Geraci President of the "ETF Store" focused on the possibility of an XRP ETF, which could be created by Blackrock or Fidelity.

"Simply a matter of time," Geraci wrote on X, formerly Twitter, regarding the approval of an XRP ETF.

"My bet is that both BlackRock and Fidelity will be making a final push to get their applications approved before the year is over."

The potential for an XRP ETF has been a hot topic in recent months, with several companies filing for applications for such a product. These include Bitwise, Grayscale, 21Shares, WisdomTree, ProShares, and Franklin Templeton.

Furthermore, Rex & Osprey and Tuttle Capital have filed for ETFs that combine XRP with other assets.

As the third-largest cryptocurrency, after Bitcoin and Ethereum, XRP is a logical addition to the ETF universe, especially given the growing demand for digital-asset products from institutional investors.

Earlier this year, hedge-fund giant BlackRock filed for a Bitcoin ETF, shortly after which, the company applied for an ETF that would track a basket of cryptocurrencies, potentially including XRP.

In an appearance at the podcast "The Wolf of All Streets", CEO of one of the most popular cryptocurrency exchanges in the U.S. — Crypto.com, Kris Marszalek mentioned a forecast that predicts an XRP ETF market could attract $8 billion in inflows by the next year.

"I think we could see a $8 billion market for an XRP ETF by the next year," Marszalek stated.

Earlier this year, an administrative law judge ruled that the SEC’s actions in an administrative case against cryptocurrency exchange Binance were unlawful. The judge stated that the SEC’s actions exceeded the scope of the administrative law judge’s ruling.

The SEC had been targeting Binance and Coinbase in an effort to expand its regulatory reach over the cryptocurrency industry. However, the judge’s ruling might limit the SEC’s ability to pursue cases against crypto firms in administrative court.

As the SEC’s actions were deemed unlawful, it appears that the fate of an XRP ETF now lies in the hands of the U.S. hedge funds.