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XRP News Today: Legal Shadows and ETF Hopes – Ripple Market Forecast
However, progress towards a ETHThe spot ETF market continued to be a tailwind for XRP. Speculation about an XRP spot ETF market could intensify following the launch of the first batch of ETH spot ETFs.
A crypto-friendly White House could accelerate the evolution of a crypto ETF market. Republican Party leader Donald Trump continued to express support for cryptocurrencies, highlighting the importance of the US in leading the way.
Notably, the Republican Party’s support for cryptocurrencies may have forced the current US administration to reconsider its anti-cryptocurrency stance. In 2023, Coinbase (COIN) started crypto awareness campaign called #StandWithCrypto. The #StandWithCrypto campaign claimed that 52 million Americans own crypto, a significant vote pool.
If the current administration were to influence the SEC to reverse its position on ETH spot ETFs, the SEC could face similar pressure to end its regulatory rule through enforcement. Issuers could take advantage of the opportunity and apply for XRP spot ETFs.
However, the current cases of SEC vs. cryptocurrencies remain a focal point and could impact hopes that the crypto-spot ETF market will evolve into a multi-currency market.
SEC plans to appeal programmatic XRP sales decisionand the SEC versus Coinbase case could decide whether altcoins are securities or commodities. The crypto-spot ETF floodgates could open if courts uphold the XRP programmatic sales ruling and grant Coinbase’s motion to dismiss (MTD).