The U.S. Securities and Exchange Commission has confirmed receiving Bitwise’s application for a spot XRP Exchange Traded Fund (ETF) earlier this week, on Tuesday.

According to reports from U.Today, Bitwise initially submitted their filing to launch this investment product in early October. This initial filing was seen as a significant positive development for the XRP token, giving it considerable upward momentum.

Last week, the SEC also acknowledged the XRP ETF filings from both Grayscale and 21Shares. The market interpreted these acknowledgments as a potentially important signal, especially considering the SEC’s long-standing and intense legal dispute with Ripple.

While these acknowledgments from the SEC do not guarantee the eventual approval of a spot XRP ETF, they are considered a promising indication for the potential launch of such a financial instrument.

Currently, predictions on Polymarket, a popular cryptocurrency prediction market, indicate that the likelihood of an XRP ETF being approved in 2025 has risen to almost 80%.

Despite the growing optimism surrounding a potential SEC green light for an XRP ETF, not everyone is enthusiastic. As U.Today also reported, well-known angel investor Jason Calacanis recently voiced concerns, predicting that the approval of a spot XRP ETF would result in “chaos.” He bases this view on his assertion that XRP is a “centralized” security.

Source: u.today