The SEC’s latest move on crypto ETFs has taken a sharp turn as it asked issuers of spot ETFs, including one for XRP, to withdraw their 19b-4 filings. Despite this, Bloomberg analyst Eric Balchunas now says the odds of approval of crypto spot ETFs, including the XRP ETF, are virtually guaranteed, almost 100%.
This momentum has led to bullish sentiment, with an expert predicting that XRP could climb toward $33.
Crypto ETF Approval Inevitable
Bloomberg’s ETF expert Eric Balchunas jumped into the discussion after journalist Eleanor Terrett highlighted the U.S. Securities and Exchange Commission (SEC) move that asked issuers of several spot ETFs covering Litecoin (LTC), XRP, Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) to withdraw their existing 19b-4 filings.
Responding to that, Balchunas noted that this move wasn’t entirely unexpected. Perhaps, he said that the new “generic listing standards” have simplified the ETF approval process, making older 19b-4 filings largely unnecessary.
Only the final approval from the SEC’s Corporation Finance division remains.
Key ETF Reviews in October
The SEC is set to review six spot XRP ETF applications in October. Grayscale leads on October 18, followed by 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree by October 24. The commission has withdrawn delay notices for XRP, SOL, and other crypto ETF products.
Meanwhile, Bloomberg analyst Eric Balchunas recently said the odds of U.S. approval for crypto spot ETFs, including XRP, are essentially 100%.
Expert XRP Price Predictions
Following this news, Crypto expert EGRAG Crypto predicts that XRP could reach $33 in its next cycle, referencing historical rallies of 350% in 2017 and over 100% in 2021 under similar conditions.
As of now, XRP price is trading around $2.87, reflecting a slight drop seen in the last 24 hours. However, the XRP coin is still 20% down from its all-time high price.
