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XRP ETF Approval Expected in September or October: Bloomberg’s Eric Balchunas Predicts Favorable Outcome
Bloomberg analyst Eric Balchunas has forecasted a likely September or October approval window for altcoin ETFs, including the long-awaited XRP ETF. This prediction comes after the United States Securities and Exchange Commission (SEC) recently released new listing standards for crypto exchange-traded products (ETPs).
The analyst’s projection follows the SEC’s updated filing, which now allows the listing of ETPs for cryptocurrencies that have at least six months of derivatives trading history, similar to those offered on Coinbase’s derivatives exchange. As a result, Ripple’s flagship asset XRP is now a top contender under this new framework.
Balchunas emphasized that this regulatory shift clears a major hurdle for ETFs based on XRP, Dogecoin, and Solana, among other similar assets.
It appears that the anticipation of XRP ETF approval has sparked technical strength in the altcoin. Currently trading around $3.16, XRP remains within an ascending channel initiated in mid-June. However, resistance near $3.70 to $3.90 may hinder further upside momentum before it can potentially break above these levels and head towards previous highs exceeding $5.
In a separate development, the MACD is flat but beginning to curve upward while the RSI at 58.38 indicates there’s still room for XRP to rally. The BoP and CMF indicators also suggest increased buyer presence.
Support levels are seen near the $2.30-$2.50 region. If XRP loses the $3 price tag, these prices could serve as a favorable entry zone for investors seeking an attractive opportunity in this altcoin.
Source: www.coinspeaker.com
