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HomeCrypto NewsMarketHere are Prominent Signs Financial Market is Preparing for XRP ETFs

Here are Prominent Signs Financial Market is Preparing for XRP ETFs

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After several months of anticipation, the XRP community is finally seeing signs that an XRP exchange-traded fund (ETF) could become a reality.

Bitcoin and Ethereum opened the door to crypto ETFs this year, building on applications filed back in 2023. With their ultimate approvals, the XRP Army speculated that XRP deserves to be the next crypto asset ETF in the financial space, given its prominence and clear regulatory status.

This prospect is quickly becoming a reality due to recent market developments. In a Wednesday post on X, researcher Anderson highlighted several points supporting the view that the market is gearing up for XRP ETFs.

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Signs the Market Is Preparing for XRP ETFs

First, Anderson noted that Grayscale’s decision to open an XRP Trust in September is a strategic move that could lead to an XRP ETF.

Notably, Grayscale is the leading crypto asset manager. The crypto community eagerly awaits Grayscale’s official XRP ETF move, given its prominence in the asset management business.

Meanwhile, other major crypto asset managers have made official moves to list an XRP ETF. Bitwise opened the floor on October 2 by submitting its application with the U.S. SEC.

Financial commentators like Eric Balchunas of Bloomberg have remarked that Bitwise’s bold decision to seek an XRP ETF could be seen as a bet on Donald Trump’s emergence as the next U.S. president, as they view its approval as unlikely under the current SEC chairman.

However, asset manager Canary Capital has joined Bitwise in the race for an XRP ETF. It submitted an application with the SEC on October 8.

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Notably, this marks Canary’s first foray into digital assets, led by Steven McClurg, who cited strong investor demand for alternatives to Bitcoin and Ethereum as a driving force behind the initiative.

Discussion of XRP ETF to Feature at Ripple Swell

Interestingly, the fast-approaching Ripple Swell, an annual conference hosted by the company, will feature discussions on crypto ETFs. The 2024 edition will be held from next Monday, October 14, and crypto ETFs are on the agenda.

The session will be hosted by Bloomberg’s Balchunas, a senior ETF analyst. It will feature industry executives like Hunter Horsley of Bitwise, Tim McCourt of CME Group, Maja Vujinovic of Ogroup, and Anna Paglia of State Street Global Advisors.

Before XRP ETF Filings Became a Thing

Additionally, Anderson recalled a few months ago when BlackRock CEO Larry Fink avoided commenting on the prospect of the company filing for an XRP ETF. This occurred during an interview with FOX in January when he was asked for his thoughts.

Rather than rule out the possibility or express optimism, he chose a conservative approach and refrained from commenting. Ripple’s CEO also adopted a similar approach during an interview in February, but he later stated that an XRP ETF “is inevitable.”

At the time, members of the XRP community viewed these responses as positive indicators. Now that the prospect is gradually becoming a reality, they reflect on these moments with optimism.

DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a seasoned crypto journalist who has established himself as a trusted voice in the world of blockchain and Web3. His extensive knowledge of the crypto space enables him to break down complex concepts into accessible language.

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