Key Takeaways
Seven issuers updated spot XRP ETF filings, coinciding with the approved Ripple-SEC case dismissal. Whales’ moves suggested they expected the altcoin to rally higher.
On the 22nd of August, several issuers submitted amended U.S. spot XRP ETF filings as the Ripple-SEC case was finally dismissed.
Seven issuers, including Bitwise, Canary, Coinshares, Franklin Templeton, Grayscale, WisdomTree, and 21shares, filed amended S-1 amendments.
On his part, Bloomberg ETF analyst James Seyffart stated that the updated filings were likely due to the comments from the Securities and Exchange Commission (SEC).
He applauded the update as a ‘good sign.’
“Almost certainly due to feedback from the SEC. Good sign, but also mostly expected”
Nate Geraci, co-founder of ETF Institute, also underscored the cluster filings as ‘notable’ and a ‘very good sign.’
Source: X
Ripple-SEC case dismissal sealed
Another bullish update was the final dismissal of the Ripple-SEC case. The parties had applied for a joint dismal of their appeals, and the Second Circuit approved it, further clearing the regulatory hiccup once and for all.
Source: X
Besides, the CME XRP Futures recently hit record highs, a move market watchers flagged as ripe for spot ETF approval.
In fact, the expectation for XRP ETF approval was highly likely, with Bloomberg ETF analysts placing a 95% odds by October.
A similar bullish leaning was also seen across markets, especially for the end of August and September. According to Ambderdata, Options traders targeted $4, which was the second most traded calls (bullish bets) after the Friday updates.
Per the chart, the most traded instruments were calls targeting $4 for the end of September and December Option expiries. Does that mean the altcoin will struggle to mount above $5 despite ETF approval?
Source: Amberdata
Interestingly, XRP price surged by 7% from $2.7 to $3.1 on Friday, but sell pressure was evidently muted, especially from large players.
In contrast, whales opted to move off their XRP holdings from exchanges, as shown by the dropping Whale to Exchange Transactions, underscoring the accumulation trend into the weekend.
Source: CryptoQuant
In other words, whales expected XRP to rally higher, hence weren’t quick to lock profit from Friday’s upswing.
