XRP ETFs Likely Next to Get SEC Approval, Beating DOGE and Solana: Kaiko – Decrypt

The XRP-focused exchange trading fund is more likely to receive approval than other recently proposed spot funds tracking other major altcoins, said market research firm Kaiko. Report It was released on Monday.

The XRP front runner position occurs due to the high liquidity of the token, silkworm said. XRP spot volume The American exchange has recently reached its highest level, even before the long-term lawsuits in 2020 led to registration, Silkworm said in its report. XRP is the fourth largest cryptocurrency by market capitalization.

Kaiko added that prior approval of the Fund’s SEC, which gives investors exposure to coins, also worked in XRP favor. US Asset Manager Teucrium Investment Advisors Release Earlier this month, we’ll double-use XRP ETFs.

“If you already have an active ETF like this, it’s hard to oppose allowing spot products. This is much more leveraged and risky than vanilla spot ETFs,” Silkworm Adam Morgan McCarthy said. Decryption.

Bitwise, Grayscale, 21 shares, Coinshares and Canary capitals are all applied to the Spot XRP Fund list. ETF applications, such as Solana, Litecoin, Cardano, and Dogecoin, are among other tokens, but reflect the growing efforts of issuers to address the demand for crypto investment products. Kaiko reported that the Solana-based fund is the next most likely after the XRP ETF received the regulated Greenlight.

XRP is a virtual coin created by the founder of Fintech Company Ripple. The SEC complained of ripples at the end of 2020, claiming that the team sold unregistered securities in the form of XRP.

The coin price is especially during the brutal bear market. However, Coin has since been revived after Ripple partially won the lawsuit with the SEC. Judge of 2023 Domination XRP’s programmatic sales in cryptocurrency exchanges with retail investors were not eligible for securities.

Ripple and the crypto industry as a whole interpreted the decision as a victory despite the judge’s finding that $728 million worth of tokens for system sales constituted unregistered securities sales.

Last month Fintech company I agree Paying a $50 million fine to close the SEC investigation.

According to Crypto Data Provider Coingecko, XRP has recently increased by over 15% to $2.12, but it’s not a record high of $3.40 per coin in 2018. The XRP roughly coincided with its all-time high peak in January.

Last year, the SEC approved the highly successful Bitcoin ETF, generating more than $39 billion in net inflows, according to Farside Investors, a UK asset manager. A few months later, regulators approved the Ethereum fund, which does not meet the enthusiasm of the same amount of investors.

Edited by James Rubin