ETFs have been all the rage among DeFi tokens in the crypto market since last year, trending even more famously than real-world asset tokenization. Bitcoin and Ethereum’s ETFs have had quite the effect on BTC and ETH prices, and the XRP ETFs are tipped to have the same impact when they are approved.
October was supposed to be the deadline for a decision on Ripple’s ETFs from the Securities and Exchange Commission (SEC). So far, there hasn’t been any update from the commission, and the XRP price is stalling, waiting on the ETF launch.
Here’s more on how Ripple currently looks.
XRP ETFs: Analysts, Investors Show Confidence In Ripple Prospects
For most of the year, most Ripple holders were skeptical about its chances of securing ETFs this year. Anticipation and skepticism peaked in the summer, but the SEC postponed its decision till October.
Now, the SEC has yet to make an official decision, but BitWise made an important update to its ETF filing on October 31st. They added that their XRP ETF will be trading on the New York Stock Exchange (NYSE) and that the management fee will be 0.34%.
Adding these details means that BitWise is inching closer to getting approval from the SEC. Already, Matt Hougan, who is the Chief Investment Officer, has expressed full confidence in the XRP ETF prospects, proposing up to $8 billion in inflows for the first month.
How The XRP ETFs Will Affect XRP Price
Currently, Ripple is trading at $2.50, after dipping to $2.40 on October 31st, as there were no updates from the SEC. In fact, a closer look at the seven-day charts reveals a Death Cross on the XRP price, a clear distress call despite all the hope in its ETF launch.
One thing is certain: the XRP price is going to need all the boost it can get. Ripple is putting together a billion-dollar crypto reserve designed to expose the token to institutional traders just like the ETFs.
If the XRP ETFs perform as well as they have been tipped to, the XRP price could be in for quite the bullish run. And it may just be sharing the stage with another PayFi platform, Remittix.
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