Eric Balchunas, Bloomberg’s ETF analyst, shared new odds on crypto ETF approvals. With Paul Atkins now heading the SEC, confidence in approvals is high.
Balchunas’ team gives XRP spot ETFs an 85% chance of getting the nod. That includes filings from Grayscale, Bitwise, and Franklin Templeton. Solana and Litecoin top the list at 90% approval odds. Dogecoin and Hedera follow closely behind at 80%. Cardano, Avalanche, and Polkadot trail slightly with a 75% chance.
This marks a shift from earlier SEC caution under Gary Gensler. Atkins’ pro-market stance has opened doors for digital assets. Many in the crypto space see this as a turning point. ETF applicants now face fewer delays. A clear framework for crypto-based funds is finally forming. Markets are responding with renewed optimism. Traders expect real progress before year’s end.
Franklin Templeton’s XRP ETF under review
The SEC has pushed its decision on Franklin Templeton’s XRP ETF. Originally due May 3, the decision now waits until June 17. Cboe BZX Exchange submitted the application back in March. The proposed ETF would trade under BZX Rule 14.11, covering commodity-based trust shares. The delay gives the Commission time to examine the application. According to the notice, more clarity is needed on underlying risks.
ETF experts say this extension is routine but meaningful. James Seyffart, another ETF analyst, expects final verdicts in Q4. Mid-October is the key window for most crypto ETFs. While delays can frustrate investors, it shows the SEC is engaging. That engagement may speed things up later. The crypto industry is watching each move closely. One green light could trigger a domino effect.
Analysts bullish on XRP long-term
XRP is currently trading at $2.16, dropping more than 5% in 24 hours. However, trading is up 33%, which indicates great demand. Weekly losses remain below 2%, showing stability. Despite these crashes in the short term, experts are optimistic in the long term.
BitGalactic predicts a rally to $3 or higher before 2025. Strong gains in April and a long-short ratio that is optimistic are the reasons the analyst gives for this perspective. Ripple’s ETF news also spurs this vision.
Chatter in the market draws comparison to the 2017 boom of XRP. An ETF approval of major proportions may replicate that historic growth. Technical indicators reveal increasing momentum. Crypto traders are already looking to long-skewed assets. Increasingly higher ETF odds beget price speculation.
