BitBoy predicts an imminent XRP ETF launch, citing the explosive efficiency of an XRP Belief by a billion-dollar asset supervisor as a optimistic signal.
ETFs have arguably been the largest crypto narrative in 2024 in addition to memes. Fueled by the success of spot Bitcoin ETFs and their affect on the asset’s value, market speculators have set their eyes firmly on altcoins they anticipate to be subsequent in line to obtain the normal funding wrapper. Among the many potential contenders is XRP.
Not too long ago, a distinguished market commentator has provided speculators an further cause to anticipate the launch of an XRP ETF.
“Good Sign XRP ETF Is Coming”
On Friday, December 13, Ben “BitBoy” Armstrong expressed confidence that an XRP ETF launch was imminent. The influencer shared this view, citing features recorded by Grayscale’s XRP Belief, launched in September 2024.
Particularly, the belief’s share value has surged over 300% from an opening value of $10.85 to $47.48 on the time of writing. “Good signal an XRP ETF is coming,” Armstrong asserted, citing these features.
Armstrong’s sentiment comes because the features recorded by Grayscale’s product might bolster institutional investor confidence within the asset, including to the components driving the push for a launch of a spot XRP ETF.
Different components embody the SEC’s anticipated pro-crypto shift within the incoming Donald Trump Administration and Ripple’s partial win over the regulator in July 2023 within the long-standing case over XRP’s asset classification.
For context, the Jay Clayton-led SEC in December 2020 had labeled Ripple’s XRP gross sales as unregistered securities choices. This stance was maintained after Gary Gensler took over the reins on the SEC in 2021, resulting in a authorized battle that has spanned 4 years.
In July 2023, U.S. District Decide Analisa Torres dominated that XRP as an asset and its secondary gross sales didn’t characterize unregistered securities, providing it some authorized readability.
So, When May XRP ETF Launch?
Sometimes, the SEC has 240 days to answer an ETF utility. With the most recent XRP ETF application coming in November 2024, XRP holders may very well be taking a look at an approval timeline that extends to July 2025 within the best-case situation.
Nonetheless, analysts like Bloomberg’s James Seyffart have famous that altcoin ETF approvals might take a bit longer than some anticipated. Seyffart argues that these belongings may have an established Commodity Futures Buying and selling Fee (CFTC) regulated futures market first.
At the least 4 asset managers have utilized to launch spot XRP ETFs in current months. These asset managers embody Canary Capital, 21 Shares, Bitwise, and Knowledge Tree.
DisClamier: This content material is informational and shouldn’t be thought of monetary recommendation. The views expressed on this article could embody the creator’s private opinions and don’t mirror The Crypto Primary opinion. Readers are inspired to do thorough analysis earlier than making any funding selections. The Crypto Primary is not chargeable for any monetary losses.
