Nate Geraci, the president of the ETF store, has weighed in on what Ripple’s decision to drop its cross appeal could mean for XRP ETFs. He also raised the possibility of BlackRock joining the ETF race now that the lawsuit is ending.
What Ripple’s Decision To Drop Cross Appeal Means For XRP ETFs
In an X post, Nate Geraci stated that a closed chapter on the XRP lawsuit clears the way for a spot XRP ETF. His statement suggested that the SEC could now move to approve the applications for issuers to offer this fund. Geraci was reacting to Ripple CEO Brad Garlinghouse’s announcement of his firm’s decision to drop its cross-appeal against the SEC.
Bitcoinist reported that Garlinghouse stated that Ripple is dropping its cross-appeal and that the SEC is expected to drop its appeal, which will put an end to the XRP lawsuit. He added that they are closing this chapter and focusing on building the Internet of Value. Bloomberg analyst James Seyffart had earlier in the year mentioned how the lawsuit impacts an XRP ETF.
In an X post, Seyffart opined back then that there is unlikely to be an XRP ETF until the whole XRP lawsuit between the SEC and Ripple is settled. He added that the Commission needed to “untangle that mess” before it possibly proceeds to approve these ETFs. Indeed, the SEC has, up till now, continued to delay its decision on these funds and has yet to provide comments.
This is unlike the Solana ETFs, which the Commission had asked issuers to amend, as it prepares to approve these funds. However, once the SEC drops its appeal and formally ends the XRP lawsuit, this could change, with the Commission communicating with XRP ETF issuers on the next steps.
BlackRock To Jump On The ETF Wave
Nate Geraci also stated that the end of the XRP lawsuit also clears the way for the world’s largest asset manager, BlackRock, to file to offer an XRP ETF. Despite already offering Bitcoin and Ethereum ETFs, the asset manager has yet to file for other crypto ETFs, including one for XRP.
This is unlike other Bitcoin and Ethereum ETF issuers, such as Bitwise, which has filed to offer ETFs for XRP, Solana, and Dogecoin, among others. However, as Geraci predicts, that could change soon enough, with BlackRock filing for an XRP ETF. The asset manager would be the eighth to do so if they file for this fund anytime soon. Bloomberg analysts Seyffart and Eric Blachunas predict a 95% chance that the SEC will approve these funds this year.
At the time of writing, the XRP price is trading at around $2.19, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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