XRP ETF Approval Process Gains Momentum as SEC Acknowledges Bitwise Application

In a filing made on Tuesday (February 18), the U.S. Securities and Exchange Commission (SEC) acknowledged the XRP Exchange-Traded Fund (ETF) application

The U.S. Securities and Exchange Commission (SEC) has acknowledged the XRP Exchange-Traded Fund (ETF) application submitted by the Cboe BZX Exchange on behalf of Bitwise.

This acknowledgment is a major step forward for XRP ETFs, as the SEC has already reviewed similar applications from other major players. However, Canary Capital and WisdomTree are still awaiting acknowledgment.

The Bitwise filing has added to growing excitement within the crypto community, with many now speculating that XRP and Solana ETFs could be approved in the near future. Experts believe that approval of these ETFs could boost XRP’s price.

Some analysts are skeptical about the long-term prospects for XRP ETFs. Bloomberg analysts James Seyfarrt and Eric Balchunas predict that XRP ETFs have a 65% chance of SEC approval.

On the other hand, Eric pointed out that the most important altcoin ETF filing is Litecoin. Since Litecoin is similar to Bitcoin, it’s considered a commodity. This application was made during the SEC’s time under Gary Gensler.

However, Litecoin didn’t get that warning, giving it an advantage. With the SEC now being more flexible, Litecoin has a high chance of approval.

As for Solana and XRP, he said that it’s big news that the SEC has acknowledged their applications. In the past, their applications were rejected or withdrawn.

The fact that they’re now being reviewed is a good sign. Some believe this could mean the SEC might rethink its approach to some crypto lawsuits.