Leading American crypto exchange Kraken has finally acknowledged the enduring patience of XRP holders amid recent XRP ETF moves.
Following Grayscale Investments’ filing to convert its XRP Trust into a spot Exchange-Traded Fund (ETF), Kraken took to X to commend the steadfastness of XRP proponents.
Kraken Responds as Grayscale Looks to Launch XRP ETF
In the post, Kraken acknowledged the patience of XRP holders, sharing an image of a dog relaxing in the sun within a serene environment. The exchange suggested that long-term XRP investors were finally nearing the launch of an ETF.
The post struck a chord with the XRP community, with pro-XRP attorney and former Massachusetts Senate candidate John Deaton remarking that long-term holders, who had waited for seven to eight years, had earned a moment of optimism.
People have held for 7-8 years. They deserve some sunshine. https://t.co/E8hu24XyFh
— John E Deaton (@JohnEDeaton1) January 30, 2025
Notably, Grayscale’s recent filing represents a major milestone for XRP. As reported by The Crypto Basic earlier this morning, on Jan. 30, NYSE Arca introduced a filing with the U.S. SEC, seeking to convert Grayscale’s XRP Trust into a spot ETF.
The timing of these developments coincides with a notable change in the SEC’s leadership. The new crypto-friendly SEC has led to speculation that pending XRP ETF filings may receive prompt approval.
XRP ETF Imminent?
Adding to the optimism, the Chicago Mercantile Exchange (CME) inadvertently triggered discussions about the potential launch of XRP futures contracts. A beta page on CME’s website briefly displayed information suggesting that XRP and Solana (SOL) futures contracts were slated for a Feb. 10 release.
CME later responded to the incident, explaining that it unintentionally posted the information on a test version of its website. The company clarified that the beta environment includes various placeholder content and confirmed that they had made no official decision regarding the launch of XRP or Solana futures contracts.
Despite the clarification, the incident fueled speculation within the community. It bears mentioning that Bloomberg ETF analyst James Seyffart previously noted that the introduction of futures contracts precedes the launch of ETFs, as observed with Bitcoin and Ethereum.
Notably, the momentum for XRP ETFs has been building since Q4 2024. In October 2024, Bitwise filed an S-1 registration statement with the SEC, aiming to introduce the first spot XRP ETF.
Following suit, 21Shares submitted a filing for its Core XRP Trust in November 2024, and WisdomTree entered the fray with its own application in December 2024.
In parallel, the legal atmosphere around XRP has seen major developments. The protracted lawsuit between Ripple Labs and the SEC has been a focal point for the crypto industry, as it enters the appeal phase.
Notably, the case no longer contests XRP’s status as a security, as it has been established that XRP itself is not a security. With the new SEC leadership in place, there is speculation that a settlement is imminent, potentially removing any lingering legal uncertainties over XRP.
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.
