US financial markets celebrated the launch of several spot Ethereum ETFs on July 23, 2024. The first trading day saw a record volume of $1.1 billion. This demonstrated strong investor interest and confidence in ETFs. After BTC and ETH, many altcoins are in line to jump on the ETF wagon. XRP Coin will be the hot cake if it successfully clears the regulatory battle.
Is an ETF for XRP Coin next?
Hany Rashwan, co-founder and CEO of 21Shares, recently voiced the company’s bullish stance on XRP Coin and potential plans to launch a spot-based XRP ETF. He revealed his strategy in an interview with financial YouTube channel Paul Baron Network. Rashwan emphasized that despite the delay in applying for this ETF, such a move is in line with 21Shares’ global strategy.
21Shares is currently the largest issuer of XRP exchange-traded products (ETPs), managing $69.16 million in assets with a year-to-date return of 7.54%. Rashwan emphasized the positive investment potential of XRP based on extensive research. He also believes it could be the next big thing in ETFs given the community support. 21Shares is yet to file an ETF application for XRP with the SEC. However, Rashwan assured that launching an XRP ETF is an integral part of their global vision that extends beyond the US market. However, he explained that legal clarity on XRP’s securities status is crucial to eliminate regulatory concerns and advance the ETF’s launch.
Preferred altcoin for the ETF: Solana
However, as you have been following from Kriptokoin.com, 21Shares and VanEck chose to pursue a Solana (SOL) ETF instead of XRP. Rashwan noted that the decision was influenced by the similarities between Solana and Ethereum, making it easier to defend regulatory approval given Ethereum’s previous ETF success. The company currently offers spot ETFs for Bitcoin (BTC) and Ethereum (ETH) and is also seeking approval for a Solana ETF. This strategic focus underscores 21Shares’ commitment to expanding its product offerings as it navigates regulatory environments and capitalizes on emerging investment opportunities.
Ripple and SEC settlement rumors emerge
XRP Coin is experiencing a notable surge in trading activity, with trading volume rising 21% to $2.07 billion. More than 3 billion XRP coins were traded in the last 24 hours. This impressive liquidity suggests that XRP is well positioned to meet growing market demand. However, the recent surge in market sentiment is partly attributed to the successful launch of the spot Ethereum ETF, which has boosted market confidence. The positive sentiment surrounding Ethereum also benefits XRP as it rides the wave of optimism. In addition, rumors are growing about a possible settlement or ruling scheduled for today (July 25) in the ongoing case between Ripple Labs Inc. and the SEC.
Speculation about a closed-door meeting implies that the agency is preparing to discuss various topics, including “Resolution of agency and administrative proceedings” and “Resolution of litigation claims.” If these rumors are true, a resolution could boost XRP’s price and potentially push it beyond the $1 mark, according to experts.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
