- While expectations for Bitcoin ETF approval continue widely, there are speculations in the crypto community that applications for an XRP ETF will be submitted before January 10, 2024.
- A ruling in July 2023 declared that XRP tokens’ sale to retail buyers was not considered a securities offering.
- An XRP whale mentioned that an ETF application could come in April, but the ETF would be launched by the end of 2024.
The crypto community is discussing which altcoin will apply for an ETF after the approval of spot Bitcoin ETFs.
XRP ETFs Following Spot Bitcoin ETFs?
Although stakeholders in the crypto market are almost certain that the U.S. Securities and Exchange Commission (SEC) will approve the first spot Bitcoin ETF, rumors are circulating that XRP ETF applications might come soon.
While expectations for Bitcoin ETF approval continue widely, there are speculations in the crypto community that applications for an XRP ETF will be submitted before January 10, 2024. According to a screenshot shared by Jack The Rippler, an XRP ETP (Exchange Traded Product) and XRP ETF are coming soon. According to the screenshot, an ETP named Amun Ripple AXRP ETP appears registered with Fidelity.
Despite a long legal history with the Ripple case between the SEC and the company behind the altcoin, Ripple, the regulatory perspective currently seems favorable to the company due to the judge’s summary judgment in July 2023. The judge ruled that XRP tokens’ sale to retail buyers was not considered a securities offering.
Considering that ETF applicants like Blackrock, Van Eck, Fidelity, Bitwise, and Valkyrie expect to receive approval for their Bitcoin ETFs around January 10, XRP ETF applicants seem confident in their chances of approval from the SEC.
Will the ETF Application Be Submitted in April 2024?
An XRP whale mentioned that an ETF application could come in April, but the ETF would be launched by the end of 2024. Such a move could be significantly important for the crypto ecosystem, given the existence of a current Bitcoin ETF, but there has been no official communication from potential issuers yet. Meanwhile, the XRP price has not shown as positive momentum in the last few weeks compared to the Bitcoin (BTC) price, which reached $45,000 at one point.
