XRP Holders In A Bull Frenzy As Spot XRP ETF Approval Odds Hit 85%

Crypto users are backing a spot XRP ETF approval on Polymarket as odds soar past 85%. Anticipation for altcoin ETFs has dominated the market since Donald Trump’s election victory in November 2024. With US regulatory waters easing, most users have called for possible XRP, SOL, and ADA spot ETFs. 

XRP Holders In A Bull Frenzy

On March 24, the odds for a spot XRP ETF in the United States soared past 85% on Polymarket. The prediction platform recently gained traction regarding U.S. policies, including the last Presidential election. Users expect the Securities and Exchange Commission (SEC) to give applications the regulatory nod this year following recent events in the market.

This became a major morale boost for traders due to the high chances of Polymarket predictions. A previous Dune Analytics study showed that the betting market had a 90% success rate. At press time, the prediction volume has soared past $55,000, while 42% of users back an earlier approval date of July 31.

Similarly, digital asset enthusiast Nate Geraci wrote on X that a spot XRP ETF approval is just a matter of time, citing participation from BlackRock, Fidelity, and other firms. He added that the asset is the third largest by market cap, hinting that these top firms would not miss out on it. Several crypto users have toed the same line, stressing that the asset’s market cap and institutional demand place it next in line for approval.

In Q4 2024, XRP flipped USDT to become the third-largest asset by market cap after it soared above $3. Institutional investors also increased their exposure to the asset following global partnerships coupled with its cross-border functionalities. At the time of writing, XRP gained 0.5% to trade at $2.14 in the past few hours.

Favorable Regulatory Conditions Fuel ETF Anticipation

Aside from wider institutional adoption, the present regulatory environment in the United States has triggered a new wave of optimism. Last week, Ripple CEO Brad Garlinghouse revealed that the SEC would drop its appeal against the firm after years of litigation. 

For most commentators, the Ripple v SEC lawsuit remained a setback for the firm in terms of institutional demand. Furthermore, the launch of a strategic crypto reserve in the United States and growing acceptance from traditional firms have heightened investor appetite.