Thursday, July 25, 2024

XRP spot ETF approval likely follows futures market development.

Bitcoin markets are already thinking about the prospect of an Ethereum and XRP spot exchange-traded fund (ETF), with memories of the historic spot ETFs still vivid.

Spot XRP ETF is dependent on its equivalent in futures investing.

Eleanor Terrett of Fox Business asserts that, given the ongoing discussion regarding an XRP spot ETF, an XRP futures ETF is inevitable, similar to how the spot Bitcoin ETF scenario transpired.

Prior to approving the Bitcoin spot ETFs, the US Securities and Exchange Commission (SEC) reportedly determined that the CME bitcoin futures market would be adequate for monitoring fraudulent and manipulative activity.

The market observer comments, “If XRP acquires a futures ETF, then it’s a step in the right direction to eventually obtaining a spot.”

According to a Fox Business reporter, BlackRock, one of the biggest asset managers, has made the decision to stay away from an XRP ETF.

According to sources, Ripple is now seeking a senior manager for business development in New York. The primary requirement for the position is that the individual must be able to lead cryptocurrency-related ETF activities with key partners and internal trading teams.

This could be due, in part, to a lack of clarification regarding XRP’s classification as a security or not. The resolution of the SEC v. Ripple legal action is anticipated to clarify XRP’s situation.

Gemini Exchange has made other references to a possible Spot XRP ETF in Europe after regulatory developments. In particular, the cryptocurrency exchange has generated a lot of talk and conjecture among fans and investors about the possible introduction of a Spot XRP ETF in Europe with its numerous articles on X.

This occurs as Gemini moves forward with product offerings and regulatory compliance following its acceptance as a Digital Asset Service Provider (DASP) in France.

Everything stems from the Ripple v. SEC decision, where Gemini was encouraged to relist XRP on its trading platform due to the partial regulatory clarification. An increase in trading pairings is part of this restoration, which makes the cryptocurrency more trader-friendly.

Talk of a potential Spot XRP ETF has heightened interest in Gemini, as the exchange has been appointed as VanEck’s Spot Bitcoin ETF custodian. This implies that Gemini will safeguard the underlying assets of VanEck’s spot BTC ETF, giving investors an extra degree of protection and confidence.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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