Following the approval of 11 Bitcoin spot ETFs by the U.S. SEC, crypto community leaders anticipate the imminent approval of an XRP ETF.
Key Takeaways
- The SEC grants accelerated licenses for 11 Bitcoin spot ETFs, including firms like Grayscale, Bitwise, and BlackRock.
- Community figures, including Panos Mekras and Zach Rector, are optimistic about the approval of an XRP ETF, emphasizing its inevitability.
- Some community members speculate that the XRP ETF approval might be contingent on the resolution of the SEC vs. Ripple case, particularly concerning Ripple’s XRP sales.
- Valkyrie’s Chief Investment Officer, Steve McClurg, suggests the possibility of XRP and Ethereum spot ETFs, drawing on Grayscale’s recent reinstatement of XRP in its Digital Large Cap Fund.
Bitcoin ETF Approval Sparks Anticipation for XRP ETF
On January 10, the SEC accelerated the approval of licenses for 11 Bitcoin spot ETFs, marking a significant development in the cryptocurrency market. Notable entities such as Grayscale, Bitwise, and BlackRock received authorization to list and trade shares of spot Bitcoin, signaling a pivotal moment for crypto investment opportunities.
Read More: US SEC Gives Approval to Bitcoin ETFs!
XRP Community Optimistic
In the aftermath of the Bitcoin ETF approvals, key figures within the XRP community express optimism about the potential approval of an XRP ETF. Panos Mekras, co-founder of Anodos Finance, took to Twitter, confidently stating, “An XRP ETF is only a matter of time.” Similarly, prominent XRP advocate Zach Rector asserts that an XRP ETF is inevitable, emphasizing that its approval doesn’t categorize XRP as a security.
Top Experts Say XRP ETF is Next with Bitcoin ETF Approved #XRP #XRPETF https://t.co/uAxpUmIpUj
— 🇳🇱 MackAttackXRP® 🇳🇱 66K-XRP-Followers (@MackAttackXRP) January 11, 2024
Potential Timing and SEC vs. Ripple Considerations
While optimism runs high, some community members speculate that the introduction of an XRP ETF may be contingent on the resolution of the SEC vs. Ripple case. Ripple’s XRP sales to institutions are a focal point in this legal battle, and some believe that regulatory clarity in this matter might precede an XRP ETF approval.
To Conclude
The approval of Bitcoin spot ETFs by the SEC has ignited optimism within the crypto community regarding the imminent approval of an XRP ETF. Notable figures, regulatory considerations, and recent market dynamics contribute to the prevailing sentiment that an XRP ETF is on the horizon, potentially unfolding in tandem with developments in the SEC vs. Ripple case.
