XRP News Today: Traders Watch SEC Deadlines and BlackRock’s ETF Decision

Crypto-Spot ETF Final Decision Deadlines Loom

XRP traders face a crucial week as crypto-spot ETF decision deadlines will provide insights into the SEC’s stance on XRP-spot ETFs.

Altcoin-Spot ETF Deadlines in Focus

Canary Capital Litecoin ETF has an approval deadline of Thursday, October 2, the first altcoin-spot ETF in line for an SEC decision. An approval could cement bets on the SEC approving the XRP-spot ETFs later this month.

The final decision deadlines for XRP-spot ETFs are as follows:

• Grayscale: October 18.
• 21Shares: October 19.
• Bitwise: October 20.
• Canary Capital: October 24.
• CoinShares: October 25.
• WisdomTree: October 25.
• Franklin Templeton: November 14.

Nate Geraci, NovaDius Wealth Management President, commented:

“Enormous” next few weeks for spot crypto ETFs… SEC final deadlines approaching on numerous filings. Starts this week w/deadline on Canary spot ltc ETF. Will be followed by decisions on sol, doge, xrp, ada, & hbar ETFs (though SEC can approve any or all of these whenever).”

Notably, Canary Capital’s LTC ETF could have a first-to-market advantage, if the SEC approves crypto-spot ETFs in order of final deadlines.

Two potential scenarios include the SEC approving all crypto-spot ETFs in one batch or approving each crypto-spot ETF by the final deadline. A one-batch approval would remove a first-to-market advantage for Canary Capital’s LTC ETF.

Optimism about the SEC greenlighting the XRP-spot ETFs has lifted demand for XRP. The token extended its winning streak to three sessions on Sunday, September 28.

All Eyes on BlackRock: Is an iShares XRP ETF Next?

As investors await the SEC’s decisions on crypto-spot ETFs, BlackRock’s (BLK) activity in the ETF space could be pivotal for XRP.

An iShares XRP Trust could be crucial to the success of an XRP-spot ETF market, given that the ETF issuer has dominated the BTC–spot and ETH-spot ETF markets. Demand for BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) was pivotal in BTC and ETH reaching record highs in August.

BlackRock’s Head of Digital Assets, Robbie Mitchnick, spoke with Nate Geraci last week about the criteria to list crypto-spot ETFs. While remaining silent on plans for an iShares XRP Trust, he stated:

“We’re looking at things like market cap, liquidity, maturity, but also clarity of investment thesis and overall product and portfolio considerations in terms of how clients’ long-term are going to be able to use products in this space, build the type of portfolio exposures holistically that they want.”

Investor demand could be significant, given that XRP ranks #3 by market cap and considering its real-world utility in global remittances. Notably, investors may also view XRP’s current price level as a strong buying opportunity.

However, it remains uncertain whether BlackRock will list and trade an XRP-spot ETF. Since the SEC approved the Generic Listing Standards for commodity-based shares, ETF issuers may list and trade crypto-spot ETFs that meet the GLS requirements without going through the SEC’s review process.

Behind the scenes, the SEC may, call on issuers to hold back on listing and trading until it has approved the current batch of crypto-spot ETFs. This means BlackRock could list and trade an iShares XRP Trust on October 18 or 19.

Price Action & Technical Analysis: Breakout or Breakdown?

XRP rose 2.17% on Sunday, September 28, following the previous session’s 0.75% gain, closing at $2.8684.

The token tracked the broader market (2.29%), edging closer to the psychological $3 level. Traders are watching the following technical levels:

• Support: $2.7 and $2.5.
• Resistance: $3, $3.2, $3.335, and the all-time high at $3.66.

In the near term, several key events could dictate price trends:

• XRP ETF demand.
• Spot ETF headlines: Approval or delays of crypto-spot ETFs and BlackRock’s plans for listing and trading XRP-spot ETFs.
• Blue-chip companies’ demand for XRP as a treasury reserve asset.
• Regulatory milestones: Ripple’s application for a US-chartered bank license, the Market Structure Bill, and SWIFT-related developments may also influence sentiment.

Catalysts & Scenarios

The balance of ETF flows, regulatory developments, and demand from blue-chip companies could dictate whether XRP breaches support levels or breaks above resistance.

Bearish Scenario

• GDLC, BITW, and XRPR ETFs report weak demand or outflows, and BlackRock remains silent on an XRP-spot ETF.
• SEC declines XRP-spot ETF applications.
• Roadblocks or setbacks to crypto-friendly regulations.
• Blue-chip companies downplay appetite for XRP as a treasury reserve asset.
• OCC delays or rejects Ripple’s US-chartered bank license.
• SWIFT retains market share in global remittances, limiting Ripple’s market access.

These bearish scenarios could push XRP toward $2.7. A drop below $2.7 could bring the $2.5 support level into play.

Bullish Scenario

• BITW, GDLC, and XRPR register strong demand.
• BlackRock lists and trades an XRP-spot ETF, and the SEC greenlights XRP-spot ETFs.
• Blue-chip companies purchase XRP for treasury purposes, and more payment platforms integrate Ripple technology.
• Ripple secures a US-chartered bank license, and the Market Structure Bill passes the Senate.
• SWIFT loses market share of global remittances to Ripple.

These scenarios could drive XRP toward $3. A break above $3 could pave the way to $3.2.

Conclusion: Crypto-Spot ETF Decisions and Market Structure Bill’s Progress Key Drivers

Will the SEC approve the LTC-spot ETF or greenlight all the crypto-spot ETFs awaiting a decision?

An early launch and robust demand for XRP-spot ETFs would dictate XRP price trends in the fourth quarter. However, traders should also consider the Market Structure Bill. A Senate floor vote will be crucial for increased adoption of XRP and other cryptos.

Analysts will closely monitor how regulatory and economic risks influence XRP’s price outlook in the coming weeks.