The new presentation of Bitcoin ETFs (trade exchanged assets) in the US has ignited hopefulness about the chance of comparative ETFs for different digital currencies, including XRP.
Fox Business journalist Eleanor Terett has featured an essential for creating XRP ETFs.
Terett stated that XRP requires a futures-based exchange-traded fund before it can have a spot-based ETF. She drew comparisons to the approval of spot Bitcoin ETFs and emphasized that the regulatory approval was granted on the basis of confidence in the CME BTC futures market’s capacity to monitor the market for fraud and manipulation.
For a spot XRP ETF to be approved, a system of a similar nature would be required.
There must first be a futures ETF in order to have an XRP spot ETF. The conclusion that the CME bitcoin futures market would be sufficient to provide surveillance for fraud and manipulation was one factor in the SEC’s approval of the BTC spot ETFs. In the event that XRP gets a prospects ETF, it’s a positive development to one day getting a spot,” Terret made sense of.
Her remarks address rumors of an XRP exchange-traded fund (ETF), which were fueled in part by Ripple’s posting for a Senior Manager of Business Development. It referenced liabilities, including driving cryptographic money related ETF drives, further supporting the bits of hearsay.
Ripple’s ongoing legal battle with the SEC poses challenges, despite the crypto community’s ongoing support for such an ETF. BlackRock’s interest in XRP has been impacted by this regulatory uncertainty.
Network Adoption on the Rise Despite the ambiguities surrounding a possible spot XRP ETF, significant adoption of the digital asset continues.
An increase in the number of XRP-holding active wallets was reported by Santiment, a blockchain analytics company. Over 5 million addresses contained XRP worth more than zero. Notably, the number has tripled since May 2019 and increased by more than 104% since February 2021.