XRP News Today: Traders Watch SEC Deadlines and BlackRock’s ETF Decision

The whole crypto market has started showing a significant upward momentum ahead of the upcoming “uptober” trend. XRP, the native cryptocurrency of the XRP Ledger, is currently displaying bearish momentum and market dominance after the “Red September” saga. XRP is trading at $2.86, which is 2.85% higher than yesterday’s value, and it is moving with a daily trading volume of $3.47 billion, which is around 13.55% higher than the previous day’s activity. 

October is a crucial month for XRP investors and traders; several XRP-spot ETF applications have final decisions awaiting in October. The major applications, including Grayscale, 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree, will play a major role in XRP’s future. According to the market analysts, the SEC crypto-spot ETF deadlines will potentially create a positive momentum and will likely spark a breakout above $3 price point.

Despite its dominance in BTC and ETH ETF markets, BlackRock, one of the world’s largest asset management firms, has not filed for an XRP-spot ETF yet. Their decision regarding the XRP ETF could be one of the effective catalysts for XRP, along with the SEC’s deadlines on various filings. Canary Capital’s Litecoin(LTC) ETF has an SEC approval deadline scheduled for October 2, and the approval will have a positive impact on the SEC approval of the XRP-spot ETFs, which are scheduled for later this month.       

According to the Securities and Exchange Commission (SEC), the final decision deadlines for XRP-spot ETFs are

• Grayscale: October 18.
• 21Shares: October 19.
• Bitwise: October 20.
• Canary Capital: October 24.
• CoinShares: October 25.
• WisdomTree: October 25. 

Mainstream media reported that the odds of ETF approval surged to 99%, up from 64.6% in August, fueling speculation of an October greenlight. The Franklin Templeton ETF’s approval deadline for XRP is November 14, which will likely push XRP further forward in the upcoming months.  

Will XRP Set a Possible $3.5 in Q4 as the XRP Spot-ETF Deadline Nears?

Nate Geraci, President of NovaDius Wealth Management, commented that the next few weeks would be enormous for spot crypto ETFs as the SEC’s final deadlines were approaching for numerous filings. He mentioned that it would start that week with a deadline on the Canary spot LTC ETF and would be followed by decisions on sol, doge, xrp, ada, and hbar ETFs, though the SEC could approve any or all of these at any time.

XRP currently trades at $2.86 with an 88% bullish momentum in the crypto market. The token is slowly regaining the market momentum after falling around 14% over the past two weeks and dropping from early-month highs above $3.20 on August 17. The optimism revolving around the SEC approval of all crypto spot ETFs in a single batch or before the deadline has lifted the demand for XRP. CoinCodex anticipates that the projected monthly trading range will be between $2.81 and $3.26, with the average monthly value sitting at $2.97, which would be a 0.36% increase compared to the previous month. They added that this could offer investors a potential return of 13.90%.

Despite these favourable conditions, XRP reaching the $3.50 price point and breaking its all-time high of $3.84, which was recorded on Jan 04, 2018, could be distant. TradingNews.com has a different opinion, and they claim that on-chain data from Glassnode showed 1.58 billion XRP accumulated near $2.75, cementing it as a demand cluster. They stated that holding this level kept alive the possibility of an advance toward $2.95 and eventually the bullish triangle target of $3.62.

BlackRock’s XRP-ETF filing could be crucial to achieving the price; however, it remains unclear whether BlackRock will apply for an XRP-spot ETF. Robbie Mitchnick, BlackRock’s Head of Digital Assets, didn’t deny the possibility of BlackRock’s plans to join the race to launch an ETF focused on XRP in a recent interview. Robbie Mitchnick also commented that they were looking at things like market cap, liquidity, maturity, but also clarity of investment thesis and overall product and portfolio considerations in terms of how clients’ long-term plans would enable them to use products in that space and build the type of portfolio exposures holistically that they wanted.   

Disclaimer: Investing in XRP involves significant risks due to price volatility, regulatory uncertainty, and broader cryptocurrency market fluctuations. Always invest in cryptocurrencies after consulting a financial expert.