SEC XRP ETF Update: Franklin Templeton’s Application Expected Today

The SEC is anticipated to release an update regarding Franklin Templeton’s application to list a spot XRP exchange-traded fund today, following a previous decision in May.

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SEC XRP ETF Update: Franklin Templeton’s Application Expected Today Crypto Market Movers What We’re Reading

This decision comes amidst several other pending XRP ETF applications.

Market sentiment towards approval remains bullish. Crypto traders, or "XRP army," and prediction markets like Polymarket see a high likelihood of approval in 2024, with the latter platform suggesting an 88% chance.

Should the application receive approval, major investment banks forecast a significant trading impact. JPMorgan and Standard Chartered estimate potential first-year trading volume of up to $8 billion for XRP ETFs.

The broader expectation of regulatory movement in the crypto ETF space adds fuel to these hopes. Analysts are betting on a wave of approvals over the next few months, including predictions for what some term an "Altcoin ETF Summer," with Solana (SOL) also expected to feature among new offerings.

Pro-crypto policies under the current administration are viewed by many market participants as a significant factor behind this optimism. President Donald Trump’s statements supporting regulatory relief and the appointment of industry-friendly officials, such as new SEC Chair Paul Atkins, are central to this narrative. Atkins has previously opposed stringent crypto regulations implemented under the previous administration.

While proponents like Franklin Templeton await a definitive decision, the timeline remains uncertain. The SEC could potentially delay its final approval until October. Although Polymarket traders hold out hope for year-end approval, their confidence decreases, assigning only a 16% probability for an SEC greenlight before August.