Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

SEC acknowledges Bitwise Spot XRP ETF filing

Source Cryptopolitan

According to new reports, the U.S. Securities and Exchange Commission (SEC) has confirmed the receipt of an application for a Bitwise spot XRP Exchange-Traded Fund (ETF). According to earlier reports, Bitwise initially filed an application to launch the product back in early October.

The acknowledgment follows last week’s XRP ETF filings wins submitted by Grayscale and 21Shares. This was interpreted as a major step, given that the SEC has been engaged in a relentless legal fight with Ripple over the past few years.

XRP market reaction

Note that these acknowledgments do not necessarily mean that an XRP ETF will certainly be approved by the SEC. However, analysts and market traders believe that this could boost XRP’s price to new highs.

However, at the moment, the coin is yet to respond to the market sentiments. As of this writing, the coin is down 3.8%, currently trading at $2.52. This embodies the present market sentiment that has Bitcoin trading below $95K.

The odds of an XRP ETF being approved by July 31, 2025, have now dropped 8% to 45% on the popular crypto-focused betting website Polymarket.

Not everyone is happy about the longer-term chances that the SEC will finally approve such a product. A report from today suggests that approving a spot XRP would cause “chaos.”

Jason Calacanis, an American investor who is known as one of the most famous angel investors for his early bets on Uber, Robinhood, and other companies, called the XRP token “a centralized controlled security.”

He states, “XRP is a centrally controlled security — is that even a question for anyone here? According to every crypto OG I talk to, it’s the opposite of Bitcoin.”

He then argues that “If the SEC allows it to trade like Bitcoin, then securities law will be worthless. There will be chaos in the markets as a million startups, funds, and grifters start dumping 50% of their coins on retail while slowly selling the 50% they own and control.”

Calacanis says that XRP should only be available to sophisticated investors, who should be aware of how “dangerous” such projects are. And to the Americans, he says, “That kind of chaos is NOT a good idea for America because the world believes we have stable and controlled markets — and they’re willing to park and invest their money with us.”

Yesterday Ripple CEO Brad Garlinghouse met with Trump for dinner.

Odds $XRP gets an ETF this year are steady at 70%. pic.twitter.com/vjbkSICn8s
— Polymarket (@Polymarket) January 9, 2025

Now, the odds of a Ripple ETF being approved have spiked to 80,% according to Polymarket users.

Centralization concerns

The XRP Ledger has long attracted strong criticism from critics due to centralization concerns. This comes contrary to the plan Satoshi Nakamoto laid out when he brought Bitcoin to life.

Those worries stand true and tested. According to reports, Ripple CEO Brad Garlinghouse said that the company owns roughly $100B worth of XRP tokens.

However, people who support XRP say that the network is autonomous-decentralized and not controlled by a single group. Ripple has also said that the token can be compared to gold and oil.

Transactions on the XRPL are executed by a select group of “trusted” validators, as outlined in unique node lists (UNLs). The current count of validators on the registry stands at 187.

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

Sep 16, Wed

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

Sep 16, Wed

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Dow drops 631 points as the Fed hikes — but futures are rebounding: what's next for US stocks?The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Author Irene Q.

Yesterday 02: 54

The Dow fell 631 points and the S&P 500 closed below 7,600 after the Fed hiked rates for the first time since 2023, with the dot plot showing 16 of 18 officials expect more tightening. Asia-session futures are already recovering — here are the levels and analyst views that decide whether 7,500 holds.

Dollar index tops 100 for the first time since July as the Fed's hawkish dot plot sinks in The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Author Irene Q.

Yesterday 02: 45

The U.S. dollar index broke back above 100 for the first time since 31 July after the Fed delivered its first rate hike since 2023, with the dot plot showing 16 of 18 officials expect at least one more increase this year. Here are the levels that matter for DXY, the currencies feeling it most, and what to watch next.

Popular Symbols