The wave of enthusiasm about an XRP exchange-traded (ETF) fund is staying strong as more notable figures in the crypto community argue for the coming of the XRP investment product.
In a recent tweet, Scott Melker, a crypto investor with 932,400 followers on X, proclaimed that XRP is the next cryptocurrency to get an ETF approved after Bitcoin.
Melker shared this view after James Seyffart, a prominent ETF analyst with Bloomberg Intelligence, asked sarcastically, “What is XRP.”
The context of the conversion was a failed transaction involving 25 billion XRP. In response to Seyffart’s joking inquiry about XRP, Scott Melker said: “The next impending ETF, James, keep up.”
The next impending ETF James, keep up.
— The Wolf Of All Streets (@scottmelker) January 14, 2024
Could XRP Be the Next Impending ETF?
At the time of reporting, no prominent asset manager in the United States has taken concrete steps toward establishing an XRP ETF. Yet, the XRP community is eager for such a development. Their optimism stems from XRP being the sole altcoin with regulatory clarity in the U.S.
Meanwhile, multiple applications for an Ethereum ETF are currently pending. The U.S. regulator will decide on Ethereum ETFs by May. Seven asset managers, including BlackRock and Grayscale, will potentially receive authorization to list ETH-based ETFs.
On the other hand, Bloomberg’s ETF analyst, James Seyffart, has expressed the opinion that the emergence of an XRP ETF is unlikely in the near future.
Specifically, he asserted that XRP enthusiasts should not anticipate such an event “anytime remotely soon,” particularly this year, 2024.
Seyffart emphasized the need for Ripple to resolve its ongoing court cases successfully. Also, he pointed out the necessity of a CFTC-regulated futures market for XRP to be listed.
not anytime remotely soon. Def not 2024. Likely need to win the current court case and THEN have a CFTC regulated futures market. Long way off IMO.
— James Seyffart (@JSeyff) January 12, 2024
Besides, the Bloomberg analyst believes it would take a new SEC chairman to approve an XRP ETF.
Ultimately, James Seyffart sees each dependent factor as having a prolonged timeline for materialization, thereby pushing the prospects for an XRP ETF further into the future.