Ripple-affiliated cryptocurrency XRP has become the top-trending digital asset recently due to key factors that have sparked heated discussions. Increased crowd chatter could be a sign of a forthcoming retail investor frenzy.
XRP On The Spotlight
XRP has received the most crowd attention on crypto social media in recent days, data tracked by crypto market intelligence platform Santiment shows.
Santiment noted that XRP had stolen the limelight following the recent application by crypto asset manager Bitwise to list and trade shares of an exchange-traded fund that would invest in the seventh-largest crypto by market cap.
The United States Securities and Exchange Commission (SEC) is not guaranteed to greenlight an XRP ETF after clashing with Ripple in a high-profile courtroom drama for nearly four years.
In fact, Bloomberg’s top ETF analyst Eric Balchunas has given a “near zero” possibility that the Delaware ETF filing will be approved if Democratic presidential frontrunner Kamala Harris wins the November election.
Conversely, pro-crypto Republican nominee Donald Trump’s victory would mean “anything is possible,” for the XRP application, Balchunas observed. As you may recall, Trump has previously promised to replace crypto hater SEC boss Gary Gensler, potentially clearing the way for the ETF’s approval.
Another Reason Triggering Wave Of Engagement Within The XRP Ecosystem
Santiment pointed to the SEC’s appeal of its court loss against Ripple as another reason why XRP has returned to the spotlight.
The Wall Street watchdog on Wednesday filed notice with the Second Circuit Court of Appeals and said it seeks to appeal the final ruling made by U.S. District Judge Analisa Torres in August.
As of now, it’s unclear whether or not the regulator will challenge the summary judgment from July 2023. At the time, Ripple notched a major victory, with the judge declaring XRP was not a security when sold to retail investors through exchanges.
According to prominent attorney and Hodl Law founder Fred Rispoli, the appeal could protract the suit until early 2026. Nonetheless, Ripple CEO Bradley Garlinghouse has asserted that they will “fight in court for as long as we need.”
Santiment revealed that other recently widely discussed tokens include Aptos (APT) and Chainlink (LINK).
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