After the launch of Bitcoin and Ethereum Exchange Traded Fund (ETF) in the United States, institutions and the crypto community are eagerly awaiting the approval of spot XRP and Solana ETFs. According to the data, if the U.S. Securities and Exchange Commission (SEC) approves both ETFs in the coming days, it could significantly impact the overall crypto market in terms of growth and adoption.
On October 15, 2024, during the Ripple Swell 2024 conference, when someone asked Tim McCourt, the Senior Managing Director of CME Group, about the possibility of an XRP ETF, his response gained significant attention. McCourt said that the industry has taken the first major step. He further noted,
“We do have an XRP reference rate and a real-time index, which is a first step in building out this ecosystem […] We have upwards of 50 real-time prices and reference rates. That’s key for product providers like Bitwise because they can at least point to a fully regulated benchmark.”
McCourt’s comments come a week after Canary and Bitwise filed and submitted Form S-1 for a spot XRP ETF to the US SEC. However, Bitwise Asset Management was the first to file a spot XRP ETF.
While looking at the pace of the crypto industry, McCourt stated,
“I don’t think it’s accidental that some of our largest open interest days and volume-based futures have happened after the advent of the ETFs because this ecosystem is really accelerating.”
Despite the enthusiasm from traders and investors regarding the potential launch of a spot XRP ETF, the token’s price is struggling to gain momentum.
At press time, XRP is trading near $0.547 and has experienced a modest price surge of over 1.50% in the past 24 hours. During the same period, its trading volume dropped by 15%, indicating lower participation from investors and traders.
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