XRP News Today: Analysts Raise Spot ETF Approval Odds for SOL, XRP, LTC to 95%

Analysts covering the crypto exchange-traded fund (ETF) space have significantly increased the likelihood of approval for spot ETFs tied to Solana (SOL), XRP, and Litecoin (LTC), raising the probability to 95%. This assessment comes from prominent ETF analysts who have closely monitored the regulatory environment and the evolving stance of the U.S. Securities and Exchange Commission (SEC) towards cryptocurrency-related financial products.

The heightened probability of approval for these ETFs is seen as a pivotal moment for the cryptocurrency market. According to the analysts' forecast, the approval of these ETFs could catalyze renewed demand from institutional investors, who have been cautiously observing the regulatory landscape. The potential influx of institutional capital could provide a significant boost to the market, particularly for SOL, XRP, and LTC, which have shown resilience and recovery from previous market downturns.

The analysts' optimism is grounded in the SEC's recent actions and statements, which suggest a more favorable regulatory environment for cryptocurrency ETFs. The approval of these ETFs would not only legitimize these cryptocurrencies in the eyes of traditional financial institutions but also open up new avenues for investment and diversification. This development could potentially drive the adoption of these cryptocurrencies among a broader range of investors, further solidifying their positions in the market.

The approval of SOL, XRP, and LTC spot ETFs would mark a significant milestone for the cryptocurrency industry, as it would represent the first time that the SEC has approved ETFs for individual cryptocurrencies. This move could pave the way for the approval of other cryptocurrency ETFs in the future, further integrating digital assets into the traditional financial system. The analysts' forecast of a 95% probability of approval underscores the growing acceptance of cryptocurrencies as legitimate investment assets and the increasing likelihood of regulatory approval for related financial products.

The final SEC deadline for a decision on the three altcoin ETFs is in October, while a crypto basket ETF could be approved this week, according to the analysts. The analysts had also tipped the odds of approval for other altcoin spot ETFs to 90%, including Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX), with final decisions due in the fourth quarter. ETFs filed by Canary Capital for Sui (SUI) and Tron (TRX) had lower approval odds, at 60% and 50%, respectively.

In June, the analysts said “get ready for a potential altcoin ETF summer,” while another analyst opined that “ETFs that track broad crypto indexes may be approved by the SEC next month.”

The REX Osprey Solana Staking ETF is officially set to launch on Wednesday, becoming the first in the US to allow crypto staking. The product faced initial regulatory hurdles with the SEC, which objected after clearing its registration. The main issue was whether the ETF qualified as an investment company under securities laws. To gain approval, the issuers compromised by agreeing to invest at least 40% of assets in other ETPs, mostly domiciled outside the US.

Meanwhile, the SEC is not ready to approve Ethereum staking yet, on Monday delaying its decision on whether the Bitwise spot Ether ETF could include staking. The regulator also delayed its decision to approve the listing and trading of shares of the Osprey Bitcoin Trust.