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Home»BITCOIN NEWS»XRP ETF submission likely follows BTC approval: Valkyrie CIO
BITCOIN NEWS

XRP ETF submission likely follows BTC approval: Valkyrie CIO

By Crypto FlexsJanuary 10, 20243 Mins Read
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XRP ETF submission likely follows BTC approval: Valkyrie CIO
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Following the U.S. Securities and Exchange Commission (SEC) likely approving America’s first Bitcoin ETF, the cryptocurrency investment sector is likely to shift to other significant digital assets, particularly Ethereum and XRP. The SEC is currently reviewing several applications for an Ethereum spot ETF, but the situation is noticeably different for the XRP ETF, with no applications submitted to date.

But things can change quickly, according to Steven McClurg, chief investment officer at Valkyrie Investments. Valkyrie Invest is one of 11 applicants currently awaiting approval for their spot Bitcoin ETF application. Just yesterday, Valkyrie CIO Steven McClurg said in an interview that he expects the Bitcoin ETF to be approved today (Wednesday) and trading to begin tomorrow (Thursday).

XRP ETF Documents Could Be Filed Soon with the SEC

In a TV appearance on Bloomberg Crypto, McClurg commented on the prospects for a spot XRP ETF. When host Sonali Basak asked “how soon before we create other spot products for various crypto assets,” McClurg responded:

I think there will be a lot of papers coming out about Ethereum. Considering recent developments, I think we might be seeing something for Ripple. We have seen that Grayscale has added Ripple to one of its publicly traded trusts. Therefore, I wouldn’t be surprised to see a Ripple or Ethereum spot ETF.

McClurg’s comments reflect a broader sentiment in the industry that the SEC’s approval of a Bitcoin ETF could open the door to other cryptocurrencies. He had this to say about the Valkyrie strategy: “I really don’t know if we’re going to do that or not. I think it’s more retail and people have different ways to access it. But given that anything can happen in this market, anything can happen.”

In particular, interest in the possibility of an XRP ETF has increased in the cryptocurrency community. The term “XRP ETF” was trending on X just two days ago. The rumor was partially sparked by Grayscale Investments’ decision to reintegrate the cryptocurrency into its Grayscale Digital Large Cap (GDLC) fund.

There have also been claims within the community that Fidelity Investments introduced the XRP Exchange-Traded Product (ETP). However, these reports were inaccurate as Fidelity did not disclose such ETPs. A feature of the Fidelity platform is 21Shares’ XRP ETP. Listed on the Swiss exchange SIX, it is important to note that this ETP is not registered in the United States.

major obstacle

Not all experts believe in the potential of the XRP ETF. Bloomberg ETF analyst James Seyffart offered a more cautious outlook a few months ago. “I don’t think XRP, even after its losses, will essentially be walking through the SEC’s doors anytime soon (Ripple vs. SEC).”

He explained that before a spot

Seyffart’s analysis highlights the nuanced and challenging regulatory environment for cryptocurrencies in the U.S., especially for assets like XRP, which have come under intense scrutiny. The potential of the XRP ETF depends not only on market demand, but also on a complex interplay of regulatory milestones and market readiness.

At press time, XRP was trading at $0.56346.

XRP price still trades below 200-day EMA, 1-day chart | Source: XRPUSD on TradingView.com

Featured image from Fortune, chart from TradingView.com

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