The cryptocurrency world is abuzz as the countdown for a potential US spot XRP Exchange-Traded Fund (ETF) officially begins. Asset management firm 21Shares has initiated this milestone by filing an amended prospectus under Section 8(a) of US securities law. This filing kickstarts a 20-day window that could lead to automatic approval unless the SEC intervenes. This development has injected fresh enthusiasm into the XRP community and could reshape the market for XRP investments.
21Shares Leads the Charge
21Shares’ newly amended filing is significant, as it removes language indicating delays. As noted by Bloomberg ETF analyst Eric Balchunas, the countdown is now in effect, and if the SEC takes no action, the ETF will be automatically approved. Such a move would mark a significant leap forward for the crypto market, which has long awaited clear regulatory indications around XRP-based ETFs.
Canary Capital Joins the Race
21Shares is not the only player in this game. Canary Capital has also entered the fray, submitting their own spot XRP ETF filing, which has already activated its 20-day countdown. The firm has hinted that their ETF, slated to trade under the ticker XRPC, will hold XRP in custody with established institutions like Gemini Trust Company and BitGo Trust Company. These infrastructure partnerships could bolster investor confidence.
Ripple’s Expanding Ecosystem Adds Momentum
The momentum for XRP isn’t limited to the ETF space. Ripple Labs, the blockchain company behind XRP, has achieved notable growth with new partnerships and technological milestones. Collaborations with Mastercard and WebBank to support their RLUSD stablecoin have showcased Ripple’s commitment to scaling their ecosystem. Furthermore, Ripple’s RLUSD stablecoin recently crossed the $1 billion circulation milestone, signaling increasing adoption.
Meanwhile, the XRP Ledger (XRPL) continues to thrive, exceeding 100 million ledger completions. These successes contribute to growing institutional confidence in Ripple and the prospects of XRP as a leading digital asset.
What an XRP ETF Could Mean for Investors
Should the SEC allow a US spot XRP ETF, it would be a game-changer for the cryptocurrency market. Traditional investors would gain a regulated pathway to XRP exposure, which could lead to increased liquidity and broader adoption. The move could further integrate cryptocurrency into mainstream investment portfolios.
Currently, investors can gain direct access to cryptocurrencies like XRP via platforms such as eToro, which offers easy tools to buy, sell, and trade XRP alongside other popular crypto assets. eToro provides user-friendly interfaces and robust security features, making it an excellent choice for newcomers and seasoned investors alike.
Final Thoughts
As the 20-day countdown for XRP ETFs continues, the cryptocurrency community remains optimistic about the potential approval. If successful, this could pave the way for future innovation in ETF offerings and signal renewed institutional interest in digital assets. With Ripple’s ongoing partnerships and market milestones, the future appears bright for both XRP and its growing ecosystem.
