Here are Notable Signs Financial Market is Preparing for XRP Exchange-Traded Funds (ETFs)
After months of waiting, the XRP community is finally witnessing indications that an exchange-traded fund (ETF) for XRP may soon become a reality.
Bitcoin and Ethereum led the way in paving the path for crypto ETFs this year, following the applications submitted back in 2023. Their eventual approvals have sparked speculation among the XRP Army that XRP should be the next cryptocurrency to have an ETF due to its prominence and clear regulatory status.
Market developments in recent times have propelled this possibility closer to fruition. In a post by researcher Anderson on X platform, several key points were highlighted that support the notion of the market gearing up for XRP ETFs.
Signs of the Market Preparing for XRP ETFs
To begin with, Anderson noted that Grayscale’s decision to launch an XRP Trust in September could serve as a strategic move towards an XRP ETF.
It’s worth noting that Grayscale is a leading crypto asset manager. Consequently, the community eagerly anticipates the official move towards an XRP ETF by Grayscale due to its prominence in the asset management industry.
In addition to Grayscale, other major crypto asset managers have also taken steps to list an XRP ETF. Bitwise, for example, submitted its application with the U.S. SEC on October 2, demonstrating its belief in XRP’s potential. Financial commentator Eric Balchunas of Bloomberg even suggested that Bitwise’s decision could be a bet on the potential emergence of Donald Trump as the next U.S. president, as they believe the current SEC chairman is unlikely to approve it.
Canary Capital also joined the race to introduce an XRP ETF, submitting its application with the SEC on October 8. This is a notable move for Canary, as it marks its first venture into digital assets. Steven McClurg, leading the initiative, cited strong investor demand for alternatives to Bitcoin and Ethereum as the driving force behind this decision.
Discussion of XRP ETF to Feature at Ripple Swell
Interestingly, the upcoming Ripple Swell conference, which takes place from October 14, will include discussions on crypto ETFs. Hosted by Bloomberg’s senior ETF analyst Eric Balchunas, the session will involve industry executives such as Hunter Horsley of Bitwise, Tim McCourt of CME Group, Maja Vujinovic of Ogroup, and Anna Paglia of State Street Global Advisors.
XRP ETF Discourse Before Filings Became Prevalent
Moreover, Anderson recalled an instance earlier this year when BlackRock CEO Larry Fink refrained from commenting on the possibility of the company filing for an XRP ETF during an interview with FOX. Instead of ruling it out or expressing optimism, Fink took a conservative approach and chose not to provide a response. Ripple’s CEO exhibited a similar approach during an interview in February, only to later declare that an XRP ETF was “inevitable.”
At the time, members of the XRP community interpreted these responses as positive indications. Now that the possibility is closer to becoming a reality, they reflect on those moments with renewed optimism.