The recent listing of multiple XRP ETFs by the Depository Trust & Clearing Corporation (DTCC) reflects a notable shift in institutional interest towards Ripple’s digital asset. This step underscores expectations surrounding upcoming trading opportunities, as the market awaits the potential debut of U.S. spot XRP ETFs later this month despite lingering regulatory hurdles.
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Even though a DTCC listing does not initiate trading immediately, it is a critical advancement towards the launch of these financial products. Currently operational futures ETFs like UXRP, XRPI, XRPT, and XXRP pave the way for the anticipated approval of spot-focused options such as TOXR, XRP, XRPC, and XRPL.
The review process experienced delays, particularly with the onset of the U.S. government shutdown in October. This situation has impacted numerous altcoin ETF applications, affecting assets linked to popular cryptocurrencies like Solana, Dogecoin, and Cardano.
Nonetheless, Canary Capital is moving ahead by removing certain amendments and establishing November 13 as the target date for automatic effectiveness regarding its XRP ETF. Analysts are now hopeful for a swift commencement of trading activities.
Bitwise and Grayscale Expedite XRP ETFs Amid Changing Regulations
Notable asset management firms such as Bitwise and Grayscale are making strides to launch their XRP ETFs in light of newly established SEC guidelines. These standards permit automatic effectiveness of ETF applications after 20 days without any objections.
This innovative approach enables both companies to introduce their ETFs without needing formal SEC approval, marking a significant evolution in the regulatory environment surrounding cryptocurrency in the United States. Bitwise’s proposed management fee is 0.34%, while Grayscale’s fund similarly aligns with its established Dogecoin ETF at a fee of 0.35%.
Both firms are following the successful blueprint demonstrated with their Solana ETF, which achieved over $56 million in volume on its first trading day, underscoring considerable institutional interest in these new offerings.
Nate Geraci, president of NovaDius Wealth Management, remarked, “The introduction of spot XRP ETFs signals a transformative moment in regulatory attitudes toward cryptocurrency.” If these ETFs receive approval, XRP may establish itself as an essential asset class alongside Bitcoin, Ethereum, and Solana.
Market Analysts Predict a Potential Surge for XRP
Despite facing some short-term volatility, XRP has managed to maintain its position above the critical $2.25 support level, which experts identify as crucial for the upcoming upward trend. Market analyst Dominus anticipates that XRP could register the largest green candle in the cryptocurrency market’s history due to the interplay of ETF-related demand, institutional support, and positive on-chain metrics.
Additionally, Ripple’s RLUSD stablecoin has achieved a remarkable valuation exceeding $1 billion, reinforcing the robustness of the Ripple ecosystem.
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If XRP ETFs commence trading as projected in mid-November, the confluence of institutional capital inflows and optimistic market sentiment could trigger one of the most significant rallies for XRP, possibly validating the long-anticipated bullish breakout.
Cover image courtesy of ChatGPT, XRPUSD chart sourced from Tradingview
