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Expert Predicts Timeline for XRP ETF launch, Confident It Will Come Before Solana

Abdulkarim Abdulwahab
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Expert Predicts Timeline for XRP ETF launch, Confident It Will Come Before Solana

Notable crypto community figures are increasingly convinced that XRP will be the next crypto asset to secure an ETF listing, with some issuing immediate timelines to watch.

This confidence follows the latest announcement from Grayscale, one of the most prominent crypto asset managers, launching an XRP Trust.

On Thursday, Grayscale Investments introduced the Grayscale XRP Trust, providing investors with a new way to tap into XRP’s potential. The trust offers exposure to XRP, and by investing in it, eligible investors can gain access to a protocol with significant real-world applications, according to Rayhaneh Sharif-Askary, Grayscale’s Head of Product.

Remarkably, the Grayscale XRP Trust opened for daily subscriptions for accredited individual and institutional investors after yesterday’s announcement. It will operate similarly to Grayscale’s other single-asset investment trusts, focusing solely on the XRP token.

This announcement excited the XRP Army, who believe it’s a step toward launching an XRP ETF.

Expert’s Timeline for XRP ETF Launch

Reacting to Grayscale’s latest move, Blair Campbell, a widely followed crypto marketing specialist, remarked that following the announcement, the market could see the first U.S.-listed XRP ETF in four to eight months.

Campbell expressed excitement, noting that she had always believed, after the Bitcoin and Ethereum spot ETFs went live, XRP would be next—before Solana.

In June, prominent asset manager VanEck submitted an application to list a Solana ETF with the SEC, the first of its kind for Solana in the U.S. However, this application has hit a roadblock.

Last month, the U.S. SEC discontinued the approval process for the Solana ETF due to concerns over whether Solana (SOL) should be classified as a security. Experts in the ETF market argue that there’s no chance of seeing a SOL ETF this year or even next.

Meanwhile, a similar sentiment is extended to XRP, though notable figures in the XRP community believe an XRP ETF could surface this year or next. This Grayscale’s latest action has only added to that confidence.

It’s worth noting that Grayscale previously offered an XRP Trust before the SEC lawsuit in late 2020. The firm liquidated the product amid legal challenges and is now bringing it back to life.

Trump-Inspired Crypto Project to Launch on Monday as Trump Says Time to Leave “Slow and Outdated Big Banks” Behind

Mark Brennan
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Trump-Inspired Crypto Project to Launch on Monday as Trump Says Time to Leave “Slow and Outdated Big Banks” Behind

World Liberty Financial will make its market debut on September 16, amid a planned X Space launch for the DeFi project.

After a tease of the decentralized finance (DeFi) project for a while, the launch date for World Liberty Financial has officially been revealed.

In an X video on Thursday afternoon, Republican nominee and former U.S. president Donald Trump announced the long-awaited project would launch on Monday, September 16.

 

Trump noted that he is hosting a livestream on X Spaces at 8 PM (EST), where the World Liberty Financial project will launch. According to him, the DeFi venture embraces the future with cryptocurrency, leaving behind the “slow and outdated big banks.”

World Liberty Financial Taking Shape

The specifics of the project have yet to be released. However, there have been hints on several occasions about what to expect from the project. Per an earlier report, Eric Trump noted that the venture was in the similitude of digital real estate.

A reported World Liberty Financial whitepaper showed the DeFi project drew inspiration from Dough Finance. The project plans to offer digital asset custody, lending, and borrowing services. A now-deleted GitHub codebase also mentioned a non-transferable governance token, WLSI.

World Liberty Finance will reportedly launch on the Aave chain, an open-source protocol based on the Ethereum network. The DeFi project would also promote the use of stablecoins.

Conflict of Interest

However pleasing the DeFi project is to the sector’s community, it has come with a bunch of criticisms. The critics cite the use of the industry for personal gains and a possible conflict of interest.

Jordan Libowitz, a Citizens for Responsibility and Ethics spokesperson, noted that Trump’s pro-Bitcoin stance was not contentious. However, using his newfound embrace to promote a project for personal gains would create a conflict of interest.

Another critic, Nic Carter, stated that the World Liberty Finance move was a huge mistake. The Castle Island Ventures partner asserted that Trump was milking the crypto sector in a “naive way” and ruining the goodwill the industry has raked up in years.

Notably, Trump showed skepticism towards cryptocurrency in the past. The former president went from calling Bitcoin a scam and a currency whose value rests on thin air in 2019 to stating he wants America to be the crypto capital of the world.

Ripple CEO Says It’s Only a Matter of Time XRP Grows 

Lele Jima
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Ripple CEO Says It’s Only a Matter of Time XRP Grows 

Ripple CEO Brad Garlinghouse reacts positively to the news of Grayscale launching an XRP Trust. 

Yesterday, leading crypto asset manager Grayscale Investments gave accredited investors direct exposure to XRP by launching the first XRP Trust, a closed-end fund that holds only XRP. Interestingly, the asset manager revealed plans to convert the XRP Trust to a spot ETF in the future.

Ripple CEO Reacts in Shock 

As expected, the recently launched XRP Trust triggered positive reactions among XRP proponents, including Ripple CEO Brad Garlinghouse. 

A tweet from Garlinghouse highlighted his shocking reaction to Grayscale’s introduction of the U.S.’s first XRP Trust. 

In a follow-up tweet, the Ripple CEO also expressed surprise at the news but indicated that the development is inevitable. According to Garlinghouse, XRP has already received regulatory clarity in the United States and other countries.

In his view, this clarity is expected to set the stage for further growth of XRP and its entire ecosystem. 

“I expect it’s only a matter of time for this space [XRP] to grow,” Garlinghouse remarked.

 

Notably, this suggests that Garlinghouse sees Grayscale’s XRP Trust as the beginning of widespread adoption and growth for the coin. 

XRP Gains Widespread Adoption After Judge Torres’ Ruling 

XRP has witnessed broader adoption among retail and institutional investors since a New York federal court provided the coin with much-needed legal clarity in the lawsuit between the SEC and Ripple. 

Last year, U.S. District Judge Analisa Torres declared that XRP is not inherently a security, as the SEC alleged. This paved the way for widespread adoption of XRP, starting with U.S.-based exchanges relisting the token. Exchanges like Coinbase, Kraken, and Binance.US relisted XRP immediately after Judge Torres’ declaration. 

Additionally, Grayscale has launched an XRP Trust to give accredited investors direct exposure to the token. 

Potential XRP ETF 

The excitement surrounding the launch stems from Grayscale’s aim to convert the XRP Trust to a spot-based ETF, as it did with its Bitcoin and Ethereum Trusts. 

For context, Grayscale’s Bitcoin Trust was officially converted to an ETF in January, followed by its Ethereum Trust in July. 

In the meantime, there are concerns that the legal tussle between the SEC and Ripple could hinder the potential launch of an XRP ETF. Notably, launching an ETF for any asset requires the approval of the U.S. Securities and Exchange Commission (SEC). 

Given the legal tussle between the SEC and Ripple, many believe it could be difficult for the regulator to approve the launch of an ETF tied to XRP. Nonetheless, the lawsuit recently ended at the district court level last month when Judge Torres issued the final verdict. 

If any of the parties appeal the ruling, the lawsuit could extend into 2025 or 2026. Notably, they have less than a month to officially file an appeal notice with the Second Circuit. If no appeal is filed, it would signal the conclusion of the SEC v. Ripple lawsuit, thus bolstering the odds of an XRP ETF. 

What’s Next for XRP? Here Are Stages Left After Grayscale’s XRP Trust to Reach an ETF Launch

Sam Wisdom Raphael
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What’s Next for XRP? Here Are Stages Left After Grayscale’s XRP Trust to Reach an ETF Launch

The new Grayscale XRP Trust is the first step toward a spot XRP ETF launch, but it would need to go through three more lifecycle stages.

As The Crypto Basic reported yesterday, Grayscale Investments, a leading crypto asset management firm, recently unveiled its XRP Trust, giving accredited investors exposure to Ripple’s XRP token. 

The XRP Trust is an important step toward an eventual XRP Exchange-Traded Fund (ETF), a product that would allow broader public access to XRP investments. However, before the XRP Trust can transform into an ETF, it must progress through four key stages.

Four Stages of the Grayscale Product Lifecycle

The first phase is Private Placement, where the trust’s shares are available only to accredited investors. This is the current stage the product is in. Shares bought during this stage are subject to a one-year lock-up period, meaning investors cannot sell them immediately.

In the second stage, Public Quotation, the trust will list on public markets, allowing a wider audience to trade its shares. At this point, the trust is accessible to retail investors, though its shares may trade at a premium or discount relative to XRP’s actual value.

Next, the SEC Reporting phase increases transparency, as Grayscale must comply with reporting requirements from the U.S. Securities and Exchange Commission (SEC). This phase also reduces the holding period for shares purchased during the private placement stage, cutting it down to six months.

Finally, with the necessary regulatory approvals, the product enters the fourth stage: ETF Conversion. In this stage, the trust officially transforms into an ETF, a fully regulated investment product available on public exchanges, giving it the broadest possible reach.

Grayscale Product Lifecycle
Grayscale Product Lifecycle

The Grayscale XRP Trust

Grayscale included the XRP Trust in its suite of crypto products yesterday after the debut. The launch follows favorable legal outcomes for Ripple, making the timing ripe for the introduction of this product. The SEC v. Ripple case witnessed the final ruling last month.

This new trust allows investors to indirectly hold XRP. Grayscale structures it similarly to its other single-asset trusts. As with those products, investors purchase shares tied to XRP’s market price, allowing exposure to the asset without direct ownership.

The XRP Trust launch coincides with increasing institutional interest in XRP. Last month, Bitnomial Exchange debuted XRP futures contracts, signaling growing demand for investment products tied to the cryptocurrency. 

This is important as futures contracts and trusts are often precursors to ETFs. Grayscale has successfully followed this product path before. 

It converted its Bitcoin Trust to a full ETF in January 2024, after years of regulatory hurdles. The Ethereum Trust followed suit in July, proving the firm’s ability to execute its strategy effectively. With XRP, Grayscale could once again use this tried-and-true approach to bring an XRP ETF to market.

Shiba Inu to Hit $0.00015, Top Trader Reveals Bold Long-Term SHIB Prediction

Abdulkarim Abdulwahab
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0
Shiba Inu to Hit $0.00015, Top Trader Reveals Bold Long-Term SHIB Prediction

Top trader Dexter predicts Shiba Inu (SHIB) could reach a long-term target of $0.00015 despite current market challenges.

The crypto market has been in an uptrend for several consecutive days this week, but Shiba Inu has yet to capitalize on the booming market fully.

Shiba Inu is hovering around $0.00001343 at press time, advancing by just 1.27% in the last 24 hours. This price point is an improvement from SHIB’s dip into the $0.000012 range on Wednesday.

However, looking at SHIB on the weekly and monthly timeframes, the token shows an unimpressive price trajectory, with more bearish days than bullish ones.

Recent market data indicates that retail investors are fleeing SHIB for better-performing rival meme coins.

Despite Shiba Inu’s recent lackluster performance, prominent traders remain optimistic. They look back at the meme coin’s history to remain confident about future price action.

In a recent TradingView analysis, market watcher Dexter highlighted Shiba Inu’s potential to cancel another leading zero in the coming months. He emphasized that Shiba Inu was one of the pioneers in the early days of meme coins, setting the tone for frenzied price growth.

While some other meme coins from that time have disappeared into oblivion, Shiba Inu remains a significant player in the market, boasting a market cap of over $7.78 billion.

In his commentary, Dexter acknowledged Shiba Inu’s current downtrend, pointing out that its price is approaching the support range of $0.00001076 to $0.0000120.

He emphasized that for SHIB to regain momentum, it must maintain this support level and rally toward the resistance trendline.

Bearish Targets for Shiba Inu

According to Dexter, failure to hold this support could likely trigger a drop to the lower support level of $0.000007.

For context, Shiba Inu was last seen at this price point in the final quarter of 2023. Moreover, a drop to this level from its current price would result in a fresh loss of over 47%, further worsening the decline from its yearly high of $0.000045 hit in March.

Meanwhile, a drop to $0.000007 is not even his worst-case scenario for SHIB, as Dexter has outlined a second accumulation range of $0.0000056 to $0.0000071 for SHIB enthusiasts.

His first buyback range is the $0.00001076 to $0.0000120 levels, which Shiba Inu has continued to test since last month.

Long-Term Target of $0.00015 for SHIB Holders

On the flip side, Dexter identified promising targets for SHIB enthusiasts to watch out for. Specifically, he outlined a bullish price range of $0.000089 to $0.00015 as the long-term target for holders.

Notably, even the lower range of this prediction surpasses Shiba Inu’s all-time high, suggesting the potential for SHIB to set new records in the coming months.

He emphasized that his insights are strictly for educational purposes and not financial advice.

Analyst Says No Matter What Critics Say, XRP Hidden Divergences Signal 500% Surge

Abdulkarim Abdulwahab
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0
Analyst Says No Matter What Critics Say, XRP Hidden Divergences Signal 500% Surge

Despite popular skepticism in the community, analyst Javon Marks has continued to insist that XRP price action for the coming months will be explosive.

In numerous updates, Marks has highlighted that XRP’s chart is showing multiple hidden bullish divergences—a technical pattern often linked to strong upward momentum.

Moreover, his analysis considers XRP’s extended downtrend, where the asset has continued to form lower lows since its last rally that took it to an all-time high.

Analysts Agree on XRP Breakout But Disagree on Upside Target

Notably, market analysts agree that XRP is nearing a critical point of breakout from the downtrend that began in early 2018. However, there is contention about how high XRP could go.

Some analysts, like Marks, have argued that a repeat of history is likely, where XRP could re-calibrate the same trajectory that saw it reach an all-time high in 2018.

Notably, XRP’s earlier downtrend ended in the first quarter of 2017, and the asset followed a strategic uptrend phase. It first canceled a leading zero in mid-2017 to trade above $0.037 and later eliminated another zero by Q4 of the year before breaking $1.

This consistent phase of uptrend eventually led XRP to an all-time high of $3.84 by January 2018. This represented a massive 75,000% growth from its $0.005 level just a year prior.

Many market watchers, including Marks, believe that such growth could be possible again, citing XRP’s nearly seven years of range. They argue that the breakout could be even more intense, given XRP’s greater adoption now compared to previous cycles.

However, while agreeing that XRP is primed for a breakout, other analysts contest this viewpoint. They argue that the 2017 pattern can no longer be used as an accurate forecast for XRP’s future uptrend.

Additionally, they believe that as a more established crypto project, XRP’s potential for another aggressive rally has diminished.

No Matter What Critics Say, XRP Must Surge 500% 

Despite the criticism, Marks does not back down. He believes the market may be underestimating the strength of the current setup.

In his most recent analysis, he asserted that no matter how critics view his projection of a 42,400% increase for XRP to $250, the fact remains that XRP is confirming multiple hidden bullish divergences.

XRP chart by Javin Marks

He emphasized that, at the very least, XRP could climb by 500% to reach $3.31, which is near its all-time high from 2018. However, those who bought XRP at the absolute peak of $3.84 may still face losses.

eToro Reaches Agreement with SEC, Adopts New Operational Terms in U.S.

Mark Brennan
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eToro Reaches Agreement with SEC, Adopts New Operational Terms in U.S.

The SEC has settled with eToro on its lawsuit that the exchange offered unregistered securities to US investors.

Israel-based trading platform eToro has agreed to new terms in its settlement with the US Securities and Exchange Commission (SEC). In a press release on Thursday, the Wall Street top regulator stated that eToro would refrain from selling unregistered securities to US investors and pay a legal fine of $1.5 million.

eToro agreed with the SEC to offer limited cryptocurrency assets to its US users in an effort to comply with federal securities laws. The exchange would now allow US residents to trade only Bitcoin, Ethereum, and Bitcoin Cash.

Per the Thursday report, the Gary Gensler-led federal regulator alleged that eToro had offered unregistered securities to US investors for at least four years without due registration. Hence, the regulator filed a lawsuit against the exchange.

180-day Period

eToro agreed it would give US users up to 180 days after the SEC order to withdraw assets other than the four aforementioned cryptocurrencies. The exchange would automatically liquidate any unconverted assets after 187 days and send them to the affected customers.

Notably, eToro didn’t agree with or deny that it offered unregistered securities to US investors. Rather, the trading platform opted to pay a $1.5 million fine.

Clear Securities Message?

Including certain assets as tokens eToro could offer US residents may have sent a clear message about the SEC’s position on which cryptocurrency is a security.

The SEC allowing eToro to continue offering Ethereum may all but conclude that the regulator views the second-largest cryptocurrency as a commodity. The Ethereum Foundation announced in June that it received a notification from the SEC that it was closing its investigation on whether Ether was a security.

A notable omission from the list of assets eToro could offer was XRP. Ripple won a case against the SEC on whether XRP was a security in August. The court ruled that the XRPL native token was not a security in itself, but offering XRP to institutional traders constituted the sale of unregistered securities.

The omission could signal that the SEC is not satisfied with the ruling and could appeal the decision. The Crypto Basic reported that the US top regulator has until October 6 to contend with the outcome of the legal loggerhead with Ripple.

Whale Transfers 200K Ethereum Worth $469M from Arbitrum to Binance

Sam Wisdom Raphael
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Whale Transfers 200K Ethereum Worth $469M from Arbitrum to Binance

An unknown whale address moves 200,000 Ethereum (ETH) worth around $469 million from the Arbitrum network to crypto exchange Binance.

Blockchain tracker Whale Alert identified the movements, which occurred across six transactions over the past 24 hours. The transactions involved transferring the assets from Arbitrum through the Arbitrum Bridge to the Ethereum network, and then moving them to exchanges. 

Details of the Ethereum Transactions 

In the first documented transaction, the whale wallet in question, 0xe…abb, withdrew exactly 80,000 ETH tokens ($188.5 million) from the Arbitrum network to Ethereum, transferring them through the Arbitrum Bridge yesterday at 13:38 UTC. 

Whale Alert on X
Whale Alert on X

Notably, with this transaction, the 80,000 ETH tokens moved within the same whale address across the two chains. Shortly after this movement, the 0xe…abb then transferred 79,999 ETH from the recent batch to a Binance wallet at 13:42 UTC yesterday. 

Following the second transaction, the address 0xe…abb went quiet for a few hours. However, it repeated the earlier transactions after a reawakening. Again, the whale withdrew 80,000 ETH from Arbitrum to Ethereum, this time at 17:08 UTC. 

It then followed up this movement with a transfer of 79,999 ETH to the same Binance wallet four minutes later. After this, the whale address went quiet again, showing no activity for hours.

Interestingly, after the second 80,000 transaction, 0xe…abb reawakened again to move 40,000 ETH valued at $93.98 million from Arbitrum to Ethereum at 12:08 UTC today, essentially three hours ago. Continuing its pattern, the address then transferred 39,999 ETH to Binance four hours later.

Investigating the Movements

The latest movement brought the total assets moved by the whale address to 200,000 ETH worth $496 million since yesterday. Due to limited information, the source of the funds and reason for the transactions remain unclear. 

However, it bears mentioning that data from Arbiscan, the Arbitrum block explorer, confirms that the whale address has been carrying out similar movements since Aug. 6. Interestingly, the address’s only transactions involve bridging assets to Ethereum and moving them to Binance.

Further data indicates that the whale address was created and funded by a Binance wallet. These pointers suggest that whale address 0xe…abb might actually be a Binance address. This would mean that the recent movements involved a Binance in-house fund shuffling and not exchange deposits for selloffs.

Coinbase Moves to Onboard Millions of Bitcoin Holders into DeFi with cbBTC on Base

Abdulkarim Abdulwahab
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0
Coinbase Moves to Onboard Millions of Bitcoin Holders into DeFi with cbBTC on Base

Today, Coinbase has launched Coinbase Wrapped Bitcoin (cbBTC), an ERC-20 token backed 1:1 by Bitcoin (BTC). 

The prominent U.S. exchange confirmed the launch via an official press statement today and its verified social media handles.

The move opens new doors for millions of Bitcoin holders to access decentralized finance (DeFi) applications on Ethereum and the Base blockchain. It marks a significant leap toward increasing Bitcoin’s utility and driving further adoption in the DeFi ecosystem.

Bitcoin’s New Role in DeFi

Bitcoin, traditionally viewed as a store of value, can now be used for lending, borrowing, and liquidity provision across multiple DeFi protocols. At launch, cbBTC will be supported on popular DeFi platforms like Aave, Compound, Curve, and Aerodrome.

Coinbase noted in its press release that the introduction of cbBTC “removes a key point of friction” for Bitcoin holders who want to participate in DeFi.

With cbBTC, Coinbase seeks to bridge the gap between the liquidity of Bitcoin and the high-speed, low-cost capabilities of Base and Ethereum. Users can now leverage their Bitcoin on these blockchains without selling or converting to other assets.

Essentially, users can explore new financial opportunities without leaving their existing assets behind.

How the New cbBTC Works

Notably, when BTC is sent from Coinbase to an Ethereum or Base address, it converts 1:1 to cbBTC. Conversely, cbBTC received in Coinbase accounts reverts to BTC at the same ratio. 

Coinbase has stated that cbBTC won’t have its own order book or trading pair on the exchange. However, it can be traded on decentralized exchanges via Coinbase Wallet and potentially on other third-party platforms. 

Unlike some other wrapped assets, cbBTC is backed by Bitcoin held directly by Coinbase. The U.S.-based exchange prides itself on having over a decade of experience securely managing billions in Bitcoin for institutions and individuals. 

Following this launch, cbBTC transfers will be available in the UK, U.S. (excluding New York), EEA, Australia, Singapore, and Brazil. Meanwhile, the token is globally accessible on Ethereum and Base networks.

Initially available on Ethereum and Base, cbBTC will soon expand to other blockchains, according to Coinbase. Moreover, the company has disclosed intentions to create a more interconnected and expansive financial ecosystem.

“cbBTC is moving money forward. We’re one step closer to bringing 1 billion people on-chain,” Coinbase stated.

Binance Officially Launches New Way to Stake Solana 

Lele Jima
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0
Binance Officially Launches New Way to Stake Solana 

Binance launches the highly anticipated liquid staking token for Solana stakers.  

According to an announcement today, users can now stake their Solana tokens on Binance and receive a liquid staking token, dubbed Binance SOL Staking (BNSOL). 

The move comes days after Binance introduced BNSOL, revealing plans to roll out the token this month.

Today, the exchange has finally launched the liquid staking token for SOL stakers. SolanaFloor, a top Solana news outlet, also confirmed the development in an X post today. 

BNSOL Features 

Notably, BNSOL represents users’ staked Solana tokens on a 1:1 ratio. This implies that users will receive one BNSOL for each SOL token staked on Binance. However, as users accumulate more rewards, the value of BNSOL exceeds that of the staked SOL. 

With BNSOL, users can maintain the liquidity of their staked SOL tokens while earning staking rewards. Based on this liquidity function, users can lend, trade, and use their assets on Binance and external DeFi platforms while earning staking rewards. 

Native Vs. Liquid Staking 

The recently introduced solution offers enhanced utility and flexible rewards for Solana stakers on Binance. Essentially, BNSOL gives stakers the liquidity of their staked SOL tokens, a feature absent in native staking on the Solana network.

This native staking solution requires users to leave their SOL tokens staked until a specific period. However, Binance’s liquid staking provides users with flexibility, allowing them to trade and lend their staked assets through its liquid equivalent. 

Getting Started with Binance SOL Staking 

The new Solana staking method does not require special expertise. To stake, users can deposit SOL to their Binance spot address or purchase the token directly from the exchange.

Afterward, navigate to the Earn section of the exchange, click “Simple Earn,” and select “Stake SOL.” Here, users are expected to enter the amount they wish to stake, read and agree to the terms and conditions, and proceed by clicking Stake SOL. 

Redeeming and Using BNSOL 

Upon staking SOL, the amount of BNSOL users will receive in their spot wallet is determined by the BNSOL:SOL conversion ratio, which is updated every 48 hours. The liquid staking token can be redeemed at any time, either by trading BNSOL for other assets or after a waiting period.

Users can also withdraw BNSOL to Binance Web3 Wallet and explore Solana-based protocols supporting the liquid staking token. These include MarginFi, Solayer, Pyth, Orca, and Solayer, among others. 

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