{"id":547521,"date":"2023-08-16T15:00:33","date_gmt":"2023-08-16T15:00:33","guid":{"rendered":"https:\/\/wncen.com\/?p=547521"},"modified":"2024-06-11T08:02:43","modified_gmt":"2024-06-11T08:02:43","slug":"xrp-spot-etf-coming-to-the-us","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/xrp-spot-etf-coming-to-the-us\/","title":{"rendered":"Is An XRP Spot ETF Coming To The US Soon? Bloomberg Analyst Answers"},"content":{"rendered":"

Ripple has continued to revel in the glow of Judge Analisa Torres\u2019 ruling in favor of the crypto company, with many use cases being touted for its native token XRP. The most recent use case to surface is a Spot XRP ETF, and Bloomberg analyst James Seyffart has quickly weighed in on the possibility of this happening.\u00a0<\/span><\/p>\n

How Possible Is A Spot XRP ETF?<\/h2>\n

Seyffart, during an <\/span>appearance<\/span><\/a> on Tony Edward\u2019s Thinking Crypto Podcast, explained that XRP would need to be listed on the Chicago Mercantile Exchange (CME) before the SEC can approve a Spot XRP ETF.\u00a0<\/span><\/p>\n

Related Reading: Institutional XRP Holdings Rise Rapidly Following Ripple\u2019s Win Over SEC<\/a><\/div>\n

This argument stems from the SEC\u2019s requirement for a regulated market of significant size in the underlying asset. Relatively, exchanges looking to list a Spot Bitcoin ETF are, in hopes of gaining approval, relying on the fact that the CME Bitcoin futures, which happen to be a regulated market, provide significant size to provide necessary data and insights for any spot market.\u00a0<\/span><\/p>\n

So Seyffart also believes that any Spot XRP ETF application will also need to fulfill the requirement of the token having a significant market size that can be used to provide any data and insights needed to prevent fraud and market manipulation. To achieve this and easily get the SEC\u2019s approval, listing XRP futures on a prominent derivative exchange like CME would be the way to go, in his opinion.\u00a0<\/span><\/p>\n

Despite his remarks, Seyffart isn\u2019t so optimistic about a Spot XRP ETF launching anytime as, according to him, this isn\u2019t something he sees \u201cmaterializing in the foreseeable future.\u201d<\/span><\/p>\n

\"Ripple<\/p>\n

Token price continues to fall as euphoria wanes | Source: XRPUSDT on Tradingview.com<\/a><\/pre>\n
Little Or No Demand Is A Hindrance<\/h2>\n
Another notable highlight from Seyffart\u2019s remarks was when he suggested that there was little or no demand for an XRP ETF, something which he believes is integral if we are to see any ETF application.\u00a0<\/span><\/p>\n
However, there is reason to believe this assumption may not be outrightly correct, as certain figures suggest an increasing demand for XRP, notably among institutional investors.\u00a0<\/span><\/p>\n
Related Reading: Renowned Finance Author Says Bitcoin Price Will Reach $1 Million If This Happens<\/a><\/div>\n
Last month, a <\/span>report<\/span><\/a> stated how XRP\u2019s sales had jumped significantly this year, with over 2.22 billion XRP sold since the beginning of the year. Furthermore, according to a more recent <\/span>report<\/span><\/a>, the token recorded an institutional inflow of $0.5 million two weeks ago.<\/span><\/p>\n
Ripple\u2019s XRP Ledger is also going head to head with the foremost Bitcoin and Ethereum networks, as it has <\/span>recorded<\/span><\/a> an increase in daily transactions since the beginning of August. This record has seen it surpass market leader Ethereum in terms of daily transactions conducted on both networks.\u00a0<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Ripple has continued to revel in the glow of Judge Analisa Torres\u2019 ruling in favor of the crypto company, with many use cases being touted for its native token XRP. The most recent use case to surface is a Spot XRP ETF, and Bloomberg analyst James Seyffart has quickly weighed in on the possibility of this happening.\u00a0 How Possible Is A Spot XRP ETF? Seyffart, during an appearance on Tony Edward\u2019s Thinking Crypto Podcast, explained that XRP would need to be listed on the Chicago Mercantile Exchange (CME) before the SEC can approve a Spot XRP ETF.\u00a0 Related Reading: Institutional XRP Holdings Rise Rapidly Following Ripple\u2019s Win Over SEC This argument stems from the SEC\u2019s requirement for a regulated market of significant size in the underlying asset. Relatively, exchanges looking to list a Spot Bitcoin ETF are, in hopes of gaining approval, relying on the fact that the CME Bitcoin futures, which happen to be a regulated market, provide significant size to provide necessary data and insights for any spot market.\u00a0 So Seyffart also believes that any Spot XRP ETF application will also need to fulfill the requirement of the token having a significant market size that can be used to provide any data and insights needed to prevent fraud and market manipulation. To achieve this and easily get the SEC\u2019s approval, listing XRP futures on a prominent derivative exchange like CME would be the way to go, in his opinion.\u00a0 Despite his remarks, Seyffart isn\u2019t so optimistic about a Spot XRP ETF launching anytime as, according to him, this isn\u2019t something he sees \u201cmaterializing in the foreseeable future.\u201d Token price continues to fall as euphoria wanes | Source: XRPUSDT on Tradingview.com Little Or No Demand Is A Hindrance Another notable highlight from Seyffart\u2019s remarks was when he suggested that there was little or no demand for an XRP ETF, something which he believes is integral if we are to see any ETF application.\u00a0 However, there is reason to believe this assumption may not be outrightly correct, as certain figures suggest an increasing demand for XRP, notably among institutional investors.\u00a0 Related Reading: Renowned Finance Author Says Bitcoin Price Will Reach $1 Million If This Happens Last month, a report stated how XRP\u2019s sales had jumped significantly this year, with over 2.22 billion XRP sold since the beginning of the year. Furthermore, according to a more recent report, the token recorded an institutional inflow of $0.5 million two weeks ago. Ripple\u2019s XRP Ledger is also going head to head with the foremost Bitcoin and Ethereum networks, as it has recorded an increase in daily transactions since the beginning of August. This record has seen it surpass market leader Ethereum in terms of daily transactions conducted on both networks.\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":547538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[3680,89144,4531,89143,10972,78763],"class_list":["post-547521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ripple","tag-spot-xrp-etf","tag-xrp","tag-xrp-etf","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nIs An XRP Spot ETF Coming To The US Soon? 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is An XRP Spot ETF Coming To The US Soon? 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