XRP News Today: Bloomberg ETF Analysts Raise Approval Odds for XRP, Dogecoin, Cardano ETFs to 90%

Bloomberg ETF analysts have significantly increased the likelihood of approval for spot exchange-traded funds (ETFs) tracking XRP, Dogecoin, and Cardano. The odds for these ETFs have been raised to 90%, reflecting a positive shift in regulatory sentiment. This development is attributed to increased engagement from the U.S. Securities and Exchange Commission (SEC), which is viewed as an encouraging sign for ETF issuers. The updated forecast includes funds for XRP, Dogecoin, and Cardano, with the odds for these products previously estimated at 95%.

The latest update shows that the proposed ETF products that track Litecoin and Solana also stand at 90%. They were previously at 90%. The launch of the first spot-based memecoin ETF is also extremely likely. Dogecoin-based proposals, which have been put forward by such firms as Graycale, Bitwise, and 21Shares, are now overwhelmingly expected to be approved. The same applies to the ETF proposals for such altcoins as Cardano, Polkadot, and Avalanche. The odds of these products had previously been estimated at 95%.

According to the analysts, the SEC likely views all of these tokens as commodities. This perspective aligns with the increasing engagement from the SEC, which has been actively reviewing and approving various ETF proposals. The approval of these ETFs would mark a significant milestone for the cryptocurrency market, providing investors with more options to gain exposure to digital assets through regulated financial products.

The positive outlook for these ETFs is further supported by the recent approval of three spot-based XRP ETFs in Canada. This development has set a precedent for other regions to follow suit, potentially paving the way for similar approvals in the U.S. The biggest question, according to ETF analyst, is whether or not asset management behemoth will join the race to launch XRP and Solana ETFs. Despite earlier comments from some executives pouring cold water on the prospects of launching ETFs for other tokens beyond Bitcoin and Ethereum, the analyst believes that this will eventually happen.

Lack of reaction from the project leaders contrasts historic market excitement. No official responses or significant on-chain changes have occurred yet. Market participants remain alert to SEC decisions impacting cryptocurrency markets broadly. Historical context shows massive inflows and price rallies following ETF approvals, potentially influencing upcoming cryptocurrency valuations. Insight on financial outcomes indicates significant potential for market restructuring, aligning with past ETF-related events. Investors and market watchers will likely continue to monitor SEC engagements closely, anticipating possible regulatory advances impacting these assets.