The recent developments surrounding Ripple have ignited renewed interest in the cryptocurrency market, particularly regarding the potential approval of a spot XRP ETF. Nate Geraci, President of the ETF Store, has articulated that the resolution of the ongoing Ripple litigation suggests that approval is imminent. With major financial players such as BlackRock and Fidelity poised to enter this sector, the spotlight is shifting towards XRP, which currently holds the title of the third largest cryptocurrency by market capitalization, excluding stablecoins.
In a noteworthy update, Ripple has decided to forgo its cross-appeal after an agreement with the SEC, leaving the regulatory body with $50 million from a total of $125 million in penalties. This strategic move is anticipated to bolster Ripple’s position in the crypto exchange landscape, as larger institutions begin to take stock of the implications related to this case and the broader regulatory environment.