Will XRP See Approval for an ETF Above 70% Due to Potential Trump Influence?
The Ripple community, commonly referred to as the “XRP Army,” is displaying significant optimism towards the digital asset following its recent surge to a seven-year high surpassing $3. However, this is just the beginning of the story.
Interestingly, there is growing anticipation within the market for the approval of a U.S Spot XRP ETF. Surging briefly to 72% on 17 January on the platform Polymarket, the approval odds have now settled around 68%.
Although the odds on Polymarket have slightly decreased, the significant surge above 70% was quite remarkable, with a 15% increase occurring in less than a day. This rise comes at a time when the Securities and Exchange Commission (SEC) lodged an appeal against Ripple Labs. So, what is driving this optimism?
Speculation linking President Donald Trump’s openness to cryptocurrency reserves, including XRP, as reported by the New York Post, may have played a significant role in boosting confidence.
With many anticipating Litecoin (LTC) to be the next altcoin to secure a Spot ETF, the question arises whether XRP will follow suit. Monica Long from Ripple Labs suggests that an XRP ETF could very well be the next in line.
Despite the looming SEC lawsuit, there is a sense of hope within the community for a positive outcome concerning the XRP ETF, particularly with the new administration showing favorable sentiments towards cryptocurrencies. Should the new government decide to halt certain crypto-related litigations and provide more clarity regarding XRP’s regulatory status, the optimism could be justified.
Meanwhile, XRP has continued its upward trajectory, boasting gains of over 570% since November. Currently striving to maintain levels above $3.3, a successful reclaim of this position could potentially propel the altcoin towards $4.3.