The crypto industry is approaching a major milestone as the market anticipates the possible approval of one XRP Spot ETF in the United States (US). Analysts suggest that recent developments regarding the US Securities and Exchange Commission (SEC) review could be the final nail in the coffin for XRP. With ETF applications still pending approval, the market is watching closely as the green light could pave the way for greater mainstream and institutional investment adoption of XRP.
XRP ETF will be a game-changer for the market
Nate Geraci, president of NovaDius Wealth Management and co-founder of The ETF Institute, recently declared on X social media that created the first Spot XRP ETF could launch within the next two weeks. He described this event as the “final nail in the coffin” for the previous wave of anti-crypto regulators.
Related reading
It was striking that the American SEC was involved lawsuit against Ripple lasts five yearswhich closed about three months ago. Geraci believes that the approval of a Spot XRP ETF represents an important step forward not only for XRP, but also for the broader cryptocurrency industry.
The temporary delay caused by the US government shutdownwhich started in October has delayed approvals of XRP ETFs. However, there are new reports of efforts by both parties to reopen government operations have revived expectations for an ETF. Geraci pointed out in a subsequent X-post that the end of the government shutdown could unleash a wave of crypto ETF is launchedwith a 33 Act spot XRP ETF likely this week.
Recently the US Depository Trust & Clearing Corporation (DTCC) listed nine new Spot XRP ETFs on its platform, raising expectations for a November launch. The list includes XRP ETFs from top asset managers such as Bitwise, Franklin Templeton, Canary Capital, Volatility Shares, CoinShares, T-Rex Osprey, 21Shares and many others.
ETF filing amendment brings launch closer than ever
Further evidence that an XRP ETF is imminent comes from recent filing updates by leading issuers. Eric Balchunas, senior ETF analyst at Bloomberg, reported which 21Shares has submitted filed a Form 8(a) with the US SEC on November 7 for its spot XRP ETF. The new filing changes officially trigger a 20-day countdown for the approval and launch of an XRP ETF by November 27.
Related reading
Crypto commentator John Squire too noted that if the US SEC does not take action within the deadline, the approval would be automatic. Similarly, multiple issuers including Canary Islands capitalhave too withdrawn “defer changes,” which triggers the same automatic 20-day countdown for approval.
Notably, these documents suggest that the market is moving closer to a green light for XRP ETFs. Amid recent developments, Squire has pointed out that the US has never been closer to fully approving an XRP ETF. If the SEC were to grant permission, it could significantly change trading volume, liquidity, and liquidity institutional participation on the market. It would also expand the current large ETF offering beyond just that Bitcoin and ether.
Featured image of Peakpx, chart from Tradingview.com