The XRP community is abuzz with optimism, as many members believe that October could usher in a new wave of millionaires. Central to this excitement are expected pivotal events surrounding the approval of spot XRP exchange-traded funds (ETFs), which advocates believe could significantly boost the cryptocurrency’s market presence.
XRP commentator Kenny Nguyen recently took to social media, asserting that many within the XRP Army could become millionaires once these ETFs gain approval and begin trading. His sentiments echo a broader sense of anticipation within the community, which is reflected in the commentary of other influencers. CryptoBull suggested that while September may be relatively quiet for XRP, October promises “fireworks.”
The optimism aligns closely with upcoming deadlines from the U.S. Securities and Exchange Commission (SEC), which is set to make final decisions on a series of spot XRP ETF applications between October 18 and 25. A total of at least eight issuers, including well-known firms like Grayscale and Franklin Templeton, are waiting for approval to launch these investment vehicles.
Grayscale, notably, has a deadline of October 18 and is aiming to convert its $500 million XRP Trust into a spot ETF. Analysts predict that the combined inflows for approved ETFs could reach up to $8 billion in their first year, with Grayscale and Franklin Templeton expected to secure around $1 billion each. Bloomberg reports that the chances for approval by year’s end stand at an impressive 90-95%, owing to recent shifts in SEC regulatory posture and Ripple’s recent legal victories.
Stakeholders are anxious for what could follow approval. If granted, trading could commence within 24 to 48 hours, similar to the fast-paced launches seen with Bitcoin ETFs earlier this year.
In a recent analysis from the Frankfurt Stock Exchange, Oliver Michel, CEO of Tokentus Investment AG, highlighted XRP’s potential for significant growth. He posited that while Bitcoin might see some upward movement, altcoins like XRP could offer even better returns, with speculative gains of up to 300% predicted. Currently priced near $3, many believe XRP is poised for a breakout, with the anticipated approval of spot ETFs serving as a potential catalyst.
Further data underscores this optimism; the CME Group’s XRP futures have recently surpassed $1 billion in open interest in just over three months, and existing futures ETFs already command more than $800 million in assets. Analysts assert that the introduction of spot ETFs would likely spark fresh institutional interest, potentially fueling a rally for XRP.
However, opinions among community members vary on price forecasts. While some are optimistic for XRP to exceed $10 by the end of the year, others, like analyst Zach Recor, have set their sights even higher, projecting prices as high as $30 by 2026. Should the anticipated approvals come to fruition, Nguyen’s assertion of new “XRP millionaires” could indeed materialize.
For those contemplating financial gains, it’s worth noting that significant positions in XRP will be essential. For instance, holders of 100,000 XRP tokens, currently valued at about $300,000, could become millionaires if the token price jumps to $10. According to the XRP Rich List, there are only 34,839 accounts holding 95,000 XRP or more, while over 5.5 million retail investors possess between 20 and 500 XRP.
As October approaches, the anticipation surrounding XRP is palpable, with many eyes on the SEC and the potential for a transformative month ahead.
