Popular crypto analyst Nate Geraci has stated that he expects a stipple based XRP ETF to be approved before the end of the year. This comes at a time when there is increasing motion within the financial space for approved cryptos investment products.
Ripple’s President Monica Long recently hinted that XRP might be the next cryptocurrency awaiting the green light from the SEC after Bitcoin and Ethereum. These words are similar to the SEC’s optimism and on the side of Long, several financial giants such as WisdomTree, Bitwise, Canary Capital, and 21Shares have also filed for XRP-based ETF.
Ripple’s XRP Set to Lead the Next Wave of ETFs
Ripple CEO Brad Garlinghouse has always been bullish on the chances of the agency granting such approval. He said in a set of interviews last year, ‘It is not a question of whether it will happen, but when.’ But of course, this positive thinking is yet to be realised, as there is still much doubt surrounding industries.
The world’s largest asset manager BlackRock has recently stated that it has no interest in altcoin ETFs just weeks after launching its Bitcoin futures ETF. However, according to Bloomberg analyst Eric Balchunas, Litecoin (LTC) or Hedera(HBAR) may soon overtake Ripple in obtaining approval for the US-based spot ETF. Writing in the Financial Times, Balchunas noted that XRP remains beset with regulatory issues arising from Ripple’s ongoing legal battle with the SEC.
Despite this and the emerging expectation that the SEC is going to turn less hostile to bitcoin under a new administration, experts say obstacles will not disappear magic. “The overall approach may change, however, with approval in hand it doesn’t mean carte blanche for the industry,” added Geraci, who forecast multiple Solana-based ETFs alongside XRP in addition to current approvals.
Is race for spot ETF approvals reshaping the regulatory regime of digital assets? XRP remains at the center of this fight. If approved, an XRP ETF could be result in increased acceptance by the SEC of diversified crypto investing and the start of a new wave of institutional investment. For now, the market sits and waits as XRP and its competitors continue to fight for the rules of the regulatory committee and a place in the ETF market.
