XRP has been on a steady climb, reaching $2.21, fueled by rumors of a Circle acquisition and an ongoing buzz around the potential approval of an XRP exchange-traded fund (ETF). Despite speculations circulating in the crypto community about a 2x LONG XRP ETF going live on May 7, experts have cleared the air. The filings submitted by Tuttle Capital revealed that the effective date for the proposed ETF would not be until May 21, 2025.

Ripple’s Buzz and XRP’s Price Surge

Ripple has been in the spotlight recently, particularly with the ongoing rumors of its bid to acquire Circle. This news, coupled with XRP’s steady price rise, has been fueling optimism among investors. Currently, XRP is trading at $2.21, reflecting a 2.8% increase over the past 24 hours. Ripple’s increasing prominence has also brought attention to potential ETF filings and regulatory moves.

Tuttle Capital’s SEC Filing and Clarity on ETF Debut

Tuttle Capital had filed with the U.S. Securities and Exchange Commission (SEC) to introduce a series of leveraged crypto asset ETFs. These filings include ETFs tied to assets like Chainlink, Polkadot, Solana, and, notably, XRP. While some market participants believed that XRP’s spot ETF had been approved on May 7, crypto influencer John Squire quickly corrected the misunderstanding. According to the SEC filing, the effective date for the proposed 2x LONG XRP ETF is set for May 21, 2025, not May 7, as many had assumed.

Rising Hopes for an XRP Spot ETF

Despite the confusion regarding the May 7 introduce, the odds for a spot XRP ETF approval in 2025 are rising, with analysts estimating a likelihood of up to 85%. James Seyffart, a Bloomberg ETF analyst, commented on Tuttle Capital’s filings, noting that these applications were an attempt by issuers to test the SEC’s willingness to approve such products. He emphasized that the newly established SEC Crypto Task Force would play a key role in determining the success of these filings.

A significant piece of the ETF conversation is the role of the SEC in regulating crypto assets. According to Seyffart, the Task Force will evaluate the filings for assets like XRP, Solana, and coins, potentially paving the way for future approval of leveraged crypto ETFs.

Institutional Interest and Market Sentiment

The recent surge in XRP’s price, combined with the growing institutional interest in crypto, indicates increasing optimism around the token. Tuttle Capital’s filings, along with speculation about BlackRock’s growing interest in XRP, have added fuel to the fire. At present, the Polymarket betting platform shows a 77% chance of a spot XRP ETF approval this year.

These developments signal that XRP may be inching closer to mainstream recognition and adoption. The approval of an XRP ETF, particularly one tied to a leveraged crypto asset, could represent a significant milestone for Ripple and its supporters.

XRP ETF Impact on the Market

The approval of a spot XRP ETF would have significant implications for the broader crypto market. It would signal that the SEC is willing to accept non-Bitcoin and non-Ethereum assets into the mainstream financial world, potentially encouraging more institutional capital to flow into these altcoins. Such a move would also enhance liquidity and market stability for XRP, making it more accessible to both retail and institutional investors.

As the cryptocurrency market continues to evolve, the potential for new financial products such as ETFs tied to assets like XRP only increases. Analysts remain optimistic about the future of XRP, especially with the growing likelihood of regulatory approvals for crypto-related financial products.

Conclusion

While no XRP ETFs were approved on May 7, the ongoing developments in the market suggest that XRP is in a prime position for future growth. The buzz around institutional interest, particularly the potential for BlackRock’s involvement, and the rising odds of an XRP ETF approval for 2025, point to a promising future for the token. Ripple’s bid to acquire Circle and the increasing demand for crypto products from institutional investors further solidify XRP’s growing significance in the world of digital assets.

In the coming months, we can expect continued discussions surrounding XRP’s future, as market participants eagerly await potential SEC approvals and the introduction of new crypto products tied to the token.