like XRP and Solana approach the U.S., attention is now on the prospect of including exchange-traded funds (ETFs) for new digital assets like Bitcoin and Ether are based ETFs. This evolution may have a major effect on the bitcoin market, therefore confirming the industry and attracting more institutional investors.
Senior managing director of CME Group Tim McCourt recently discussed the launch of an XRP ETF during the Ripple Swell 2024 conference. McCourt underlined that a crucial first step has already been done using the framework of an XRP reference rate and real-time index to create this ecosystem. These changes enable ETF product providers, including Bitwise, a controlled baseline on which to base decisions.
This disclosure came soon after Bitwise Asset Management’s second application for an XRP ETF after earlier filing to the Securities and Exchange Commission (SEC). The most recent donation made by Canary Capital fuels additional rumors regarding XRP ETFs not too far off.
For the crypto sector, the launch of Bitcoin and Ether ETFs has been transformational as it speeds up development and raises public acceptance. McCourt also out that some of CME’s largest trading volumes and open interest had started after the introduction of these ETFs, therefore underlining their part in generating market activity.
Though an XRP ETF has promise, the coin has not been able to acquire momentum in price. Just 8% altered XRP’s price over the past year, a minor fluctuation like the incredible 154% rise of Bitcoin. ETFs are supposed to increase demand for the underlying cryptocurrency, but XRP’s performance lags behind rivals, which has investors wondering about its future price path.
Growing curiosity in XRP and Solana ETFs suggests greater general hope for the direction of digital assets. These ETFs might be fairly important in determining the direction of the crypto market as the legal environment changes and presents fresh chances for investors hoping to profit on the expansion of the sector.
