The recent delays from the SEC on those Ripple ETF applications? Well, it seems the companies behind them aren’t just sitting around waiting. They’ve already gone back and updated their filings. That’s the latest, anyway.
It’s a process, you know? The SEC pushed off its decision on applications from big names like Bitwise and Grayscale earlier this week. But according to Bloomberg’s ETF analyst James Seyffart, those firms were quick to respond with amended paperwork. He thinks it’s “almost certainly” because the SEC gave them some feedback. Which, honestly, is pretty standard.
A Familiar Path for ETF Hopefuls
If this all feels a bit familiar, it should. This is pretty much the exact same dance that happened with the Bitcoin and Ethereum ETF issuers before their funds finally got approved. It’s a back-and-forth. A lot of back-and-forth. Seyffart called these updates a “good sign,” but he also noted it was mostly what everyone expected to happen. It’s just part of the procedure.
Fox Business’s Eleanor Terrett echoed that sentiment, pointing out that the timing makes sense. The SEC’s new deadline for a decision is in October, and that’s coming up pretty fast. So it’s not really a surprise that issuers are getting their paperwork in order now.
A Key Development in the Courtroom
But the ETF stuff isn’t the only thing moving the needle for XRP. There was a notable development in the long-running legal saga between Ripple and the SEC itself. Just yesterday, the Second Circuit court approved a joint stipulation of dismissal that both parties had filed earlier this month.
Some legal experts are suggesting this could be one of the final steps needed to officially wrap the whole case up. They’ve tried to file these dismissals before, only to have Judge Torres deny them. This time, it stuck.
Market Reaction and What’s Next
The market reaction was, as you’d expect, pretty immediate. XRP’s price had been languishing, even dipping below $2.80 for a bit. But on this news, it shot right back up, climbing to around $3.10 in a matter of minutes. It probably got a little extra boost from the general market uptick after the Fed’s Jackson Hole speech, too.
It’s pulled back a little from that peak since then, but it’s still holding above that $3.00 level. That seems to be an important point for traders—a level that’s acted as both support and resistance before. For now, everyone’s just watching to see if it holds. The next few weeks, with that October deadline looming, should be interesting.
