It was a landmark moment last week when the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in the U.S. Now, eyes turn towards other prominent cryptocurrencies, with Ethereum (ETH) and XRP leading the pack as potential candidates.
The Ethereum ETF race is already on. Asset giants like BlackRock, Ark Invest, and VanEck have already submitted applications, with Ark Invest and 21Shares’ filings expected to receive a final decision by May.
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With Ethereum ETF prospects heating up, XRP has also piqued the interest of analysts due to its unique legal advantage. XRP has secured a non-security classification in the U.S. A status which a legal expert believes the SEC will not challenge anymore. This legal standing potentially paves the way for an ETF.
When Will an XRP ETF Happen?
Lark Davis, a renowned Bitcoin investor, predicts a 2024 approval as a major milestone. He pointed to May as the potential date for Ethereum ETFs, writing on X, “Ethereum spot ETFs coming in May (first final deadline from SEC)!”
He did not provide a date for an XRP ETF, but stated, “Probably an XRP ETF as it is also not a security.” If ETH ETFs can push through, it might not be long before the XRP ETF applications start pouring in.
Ben Armstrong (Bitboy), one of the top influencers in the crypto world, believes XRP is next in line for an ETF after Ethereum. Armstrong, citing confidential sources who place the XRP ETF before Cardano (ADA) or Solana (SOL). He hints at the ETH and XRP ETFs and the Ripple IPO coming before the Bitcoin halving event in April.
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Will an XRP ETF Happen?
BlackRock’s CEO, Larry Fink, raised eyebrows when asked about a possible XRP ETF following approval of their iShares BTC ETF (IBIT). He said he couldn’t talk about it, and the fact that he did not deny the possibility outright drew a wide range of interpretations.
The reactions ranged from some seeing it as confirmation to others dismissing it. A third and optimistic camp believes it suggests future consideration.
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However, the lack of formal proposals or even expressions of interest has left many puzzled. The ongoing XRP lawsuit is often cited as a potential deterrent. Some prominent figures within the XRP community also disapprove of the idea, with a market analyst recently calling an XRP ETF unnecessary.
While the future of an XRP ETF remains unclear, 2024 could be a pivotal year. With Ethereum ETF approval on the horizon, XRP’s legal clarity, and growing industry interest, the stars might just align for an XRP ETF.
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