- This week, several pivotal events in the crypto sector could significantly sway the market, particularly for Ethereum, XRP, and Cosmos.
- With these altcoins on the verge of crucial developments, investors and enthusiasts should keep a keen eye on the unfolding scenarios.
- Among the highlights are the potential approval of a spot Ethereum ETF, ongoing XRP lawsuit settlement talks, and Cosmos’ network upgrade.
Stay updated on the latest breakthroughs in the cryptocurrency world with our comprehensive analysis of Ethereum, XRP, and Cosmos this week.
Ethereum’s Potential Spot ETF Approval
As the crypto community anticipates the approval of the first US spot Ethereum Exchange Traded Funds (ETFs), the prospect has garnered considerable attention. Nate Geraci, host of the ETF Prime podcast and co-founder of the ETF Institute, has predicted that this approval could arrive imminently. “Welcome to spot ETH ETF approval week… I’m calling it. Don’t know anything specific, just can’t come up with a good reason for any further delay at this point. Issuers ready for launch,” he mentioned.
Further supporting this outlook, Bloomberg’s ETF specialist, Eric Balchunas, remarked, “Yeah, right now it’s all quiet on the Western Front regarding ETH ETFs. Nada from SEC this week. Unclear why they’re taking such sweet time. Every issuer is ready. Docs are ready. It’s like a rain delay in baseball. Gotta just wait. Maybe things will move fast next week. We’ll see…”
The primary hurdle remains with the US Securities and Exchange Commission’s (SEC) handling of the S-1 registrations required for the launch. Having granted initial approval on May 23, 2024, market participants are eager for the final go-ahead, which could significantly enhance Ethereum’s market liquidity and exposure.
XRP Lawsuit: Potential Settlement Imminent?
Over a year has passed since Judge Analisa Torres’ summary judgment, and now it appears Ripple Labs might be nearing the conclusion of its legal skirmish with the SEC. Speculation is rife about a potential settlement, spurred by a rumor which suggests that Ripple might attend a private meeting with the SEC on July 18, 2024.
Brett Hill, ambassador for the crypto exchange Bitrue, amplified this rumor by tweeting, “BOOOOOOOM! private executive meeting at their headquarters in Washington for this Thursday (18 Jul-24)! Reliable sources have informed us that this meeting is connected to the Ripple vs SEC resolutions and the finalization of the court case! #XRP.”
Though the SEC’s official announcement about the logistics of the meeting does not explicitly mention the Ripple case, it adds to the growing speculation that a resolution might be on the horizon, potentially ending one of the most closely watched legal battles in the crypto space.
Cosmos Set for v18 Network Upgrade
Cosmos, a blockchain platform focused on interoperability, is poised to implement its v18 upgrade on July 17th. This upgrade aims to enhance governance and transaction efficiency, crucially introducing a permissioned CosmWasm feature, allowing the deployment of smart contracts pending community approval.
The v18 upgrade aligns with Cosmos’ strategy to increase security and control over network deployments, minimizing risks that come with open environments. Another notable addition is the Dynamic Fee Module, similar to Ethereum’s EIP-1559, which adjusts transaction fees based on network congestion, promising better performance during peak usage periods.
The introduction of expedited governance proposals will also facilitate quicker responses to urgent decisions, enhancing Cosmos’ operational agility and ensuring the network remains robust and responsive to community needs. With these upgrades, Cosmos aims to solidify its position as a scalable and secure blockchain platform in the ever-evolving crypto ecosystem.
Conclusion
This week’s focus on Ethereum, XRP, and Cosmos underscores the dynamic and evolving nature of the cryptocurrency market. Ethereum’s prospective ETF approval, the possible settlement of XRP’s legal battle, and Cosmos’ upcoming network enhancements each hold the potential to significantly impact market sentiments and investment decisions. Keeping abreast of these developments can provide valuable insights and a strategic edge in navigating the volatile crypto landscape.
