The approval chances of a U.S.-based XRP exchange-traded fund (ETF) have taken a nosedive, much like a cat deciding it’s too wet outside to venture forth. Traders on the prediction market Polymarket, ever the sensitive souls, dropped their approval odds to a rather dampening 52% after learning that SEC Commissioner Caroline Crenshaw, known for her less-than-enthusiastic attitude towards crypto ETFs, plans to cast her vote against it. 🗳️🚫
One moment, the XRP ETF was sailing smoothly like a well-oiled yacht on a calm sea, with approval odds at a hearty 87%. But then, like a sudden squall, Crenshaw’s negative statement sent the odds plummeting below 55%. However, the market, ever the resilient spirit, has since climbed back up to a respectable 86%. It seems the market has decided to ignore the grumpy commissioner and focus on the sunny side of things. ☀️📈
Back in June, the XRP ETF was the talk of the town, with approval ratings soaring to 93% amidst whispers of Blackrock’s involvement. The air was thick with optimism, much like a London fog in a Dickens novel. 🏺🌟
Crenshaw, however, has been a thorn in the side of crypto enthusiasts for quite some time, her opposition as predictable as the sunrise. Her ongoing resistance, particularly after casting a “no” vote for all 13 crypto ETF proposals in the latest SEC meeting, has left the market feeling a bit jumpy. It’s the lowest odds of approval for an XRP ETF since January, a period that feels like a lifetime ago in the fast-paced world of crypto. ⏳🚫
MS. “Vote NO for Crypto ETF Caroline Crenshaw” can’t leave soon enough. The U.S. Securities and Exchange Commission (SEC) Commissioner official position expired on June 5, 2024, however, SEC commissioners are permitted to continue serving in a holdover capacity for up to 18…
– 🌸Crypto Eri ~ Carpe Diem (@sentosumosaba) August 7, 2025
Balchunas: “It’s an Overreaction”
Despite the market’s dramatics, Bloomberg’s senior ETF analyst Eric Balchunas is unfazed. He maintains a 95% chance of approval, dismissing the recent dip as an overreaction. Balchunas, ever the optimist, points out that Crenshaw is often the lone voice of dissent and is routinely outvoted by her colleagues. For instance, on July 29, she was the only one to say “no” to a slate of 13 crypto ETF approvals. 🙅♀️👏
Interesting, trades reporting how Polymarket odds of XRP ETF approval went down to 62% after the votes were disclosed showing Crenshaw voting no, but a) she’s gonna vote no on EVERYTHING and b) it’s meaningless, she’s outnumbered = we haven’t changed our odds, still at 95%.
– Eric Balchunas (@EricBalchunas) August 7, 2025
Global Demand for XRP ETFs Increasing
While the U.S. market may be experiencing a bit of a wobble, the global appetite for XRP ETFs is growing steadily. Japan’s SBI Holdings, a close ally of Ripple, has already thrown its hat into the ring with an application for an ETF containing both Bitcoin and XRP. 🎩🌍
Commissioner Crenshaw’s opposition, while certainly a bump in the road, hasn’t derailed the overall trend at the SEC, which continues to lean towards increased ETF approval. With Ripple meeting the agency’s listing requirements and international demand on the rise, most experts remain confident that the XRP ETF will eventually see the light of day, though perhaps with a few more twists and turns along the way. 🛣️💡
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2025-08-07 23:51