Certain members of the XRP community speculate about the likelihood of a forthcoming significant development in light of Gemini’s recent keen interest in XRP.
Gemini, a U.S.-based cryptocurrency trading platform, has rekindled its discussions around XRP. This resurgence includes a series of posts in a social media campaign, fueling increased speculation among industry experts.
Gemini’s Recent XRP Campaign
Gemini’s recent focus on XRP commenced yesterday when the exchange’s X account subtly highlighted the asset in a post. “Don’t forget about XRP,” the post said. This seemingly isolated post did not initially garner as much attention.
However, the campaign became more apparent from the next remark. “xcited about XRP,” Gemini’s next post read, finally capturing the attention of the XRP community. Eight minutes later, the platform noted that the trigger for its “xcitement” in XRP would be “arriving shortly.”
The source of this “xcitement” remains unknown, leading to speculation on an upcoming pivotal development. Expectedly, some XRP community figures have voiced opinions on what they believe the exchange could have in store for the asset.
A Possible Spot XRP ETF?
One of these individuals is Eri, a prominent YouTuber and XRP community influencer. To drive home her point, Eri first highlighted recent significant developments around Gemini that have influenced her line of thought.
All this #XRP Business from Gemini
My guess (Let's see how close I get)Fact: Gemini Named as Custodian / VanEck’s Newly Launched Spot Bitcoin ETF
Fact: Gemini approved 5 Days ago in France as a Digital Asset Service Provider (DASP).
?A Guess: New EU JV for Spot XRP ETF pic.twitter.com/BdT9UmgIM8
— ?Crypto Eri ?Carpe Diem (@sentosumosaba) January 22, 2024
She stressed that Gemini was named as a custodian for the new spot Bitcoin ETF product from asset manager VanEck. Recall that VanEck tapped Gemini to serve as custodian for its VanEck Bitcoin Trust (HODL) when most of the issuers went for Coinbase.
The custodian of an ETF is responsible for holding and safeguarding the fund’s assets. In this case, Bitcoin tokens. Custodians play an important role in the creation and redemption process of ETF shares.
Besides serving as the custodian for VanEck’s Bitcoin ETF, Gemini also recently received approval from the financial authorities in France to operate as a Digital Asset Service Provider (DASP). Eri also pointed this out as the second recent development contributing to her speculation.
Notably, the XRP community influencer speculates that Gemini might be looking to launch a new joint venture in the European Union (EU) which could be leveraged for the introduction of a spot XRP ETF. However, this is merely a guess from Eri.
It bears mentioning that VanEck has continued to make its mark in the EU since 2015, launching several vehicles to cater to varying investor needs in the bloc.
Last April, the asset manager launched the first defense ETF in the EU. In a 2021 report, VanEck confirmed that it offered 28 UCITS ETPs in Europe at the time.
Possible XRP Support on the French Exchange Business
Besides Eri, other XRP community figures voiced their opinions on Gemini’s latest XRP obsession. Ashley Prosper, a community influencer, speculated that the platform could be looking to list XRP on its recent French exchange business.
#XRP #XRPCommunity
Gemini's recent posting about XRP is similar to when it posted about XRP on August 8th, 2023.
Two days later, they relisted XRP on their exchange. So I suggest, their recent tweeting is about an XRP listing coming soon, and since they just got approval for… https://t.co/DzumPGRuPc— Ashley PROSPER (@AshleyPROSPER1) January 22, 2024
The reason behind this speculation is the fact that Gemini made a series of similar posts around XRP last August before it eventually declared support for XRP trading on its platform for the first time. This occurred shortly after XRP gained legal clarity in the July 13 ruling.
During the earlier campaign, The Crypto Basic called attention to Gemini’s interest in XRP, as speculation emerged then on the possible outcome. While the previous speculations proved accurate, it remains to be seen if the recent ones would provide a similar outcome.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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