Five spot XRP exchange-traded funds (ETFs) from CoinShares, Franklin Templeton, 21Shares, Canary Capital, and Bitwise have appeared on the Depository Trust & Clearing Corporation (DTCC) list.
The funds are expected to debut this month, with Canary CEO Steven McClurg teasing at Ripple’s Swell conference that they’re ready to launch as early as next week and reminding investors of the successful launches of Litecoin (LTC) and Hedera (HBAR) ETFs.
ETF Institute co-founder Nate Geraci is of the same opinion, stating on Monday, November 10, that the end of the U.S. government shutdown has “opened the floodgates” for new listings, predicting that the first ‘33 Act spot XRP ETF could launch before Friday.
A few days ago, Geraci also flagged Canary Capital’s spot XRP ETF as “coming soon,” adding that WisdomTree had filed for a CoinDesk 20 ETF set to hold the 20 largest crypto assets by market cap (with XRP expected to make up nearly 20% of the portfolio).
What do XRP ETFs mean for the market?
Hunter Horsley, CEO of Bitwise Asset Management, said in an interview on Sunday, November 9, that a potential XRP ETF could become a major success.
According to Horsley, the appeal of the financial product extends far beyond retail investors. Instead, it could provide traditional financial institutions with a compliant entry point to digital asset exposure, expanding the overall crypto investor base.
He also highlighted that XRP’s strong position as the fourth-largest cryptocurrency by market cap and its active community would likely ensure strong demand once such a product receives regulatory approval.
XRP skyrockets
XRP has surged more than 12% in the past 24 hours, climbing to $2.56 and outpacing the broader crypto market’s 4.94% gain. The token’s market capitalization also rose from around $135 billion to more than $152 billion in the same period, adding nearly $17 billion in new capital inflows.
XRP 1-day price chart. Source: FinboldThe renewed push toward XRP ETFs appears to be the main catalyst behind the move. While inclusion on the DTCC list doesn’t ensure SEC approval, it typically means the ETFs are structurally ready to go live once approved.
Macro conditions also turned favorable for risk assets. Namely, the U.S. Senate’s approval of a bill to end the government shutdown has helped preserve regulatory continuity for pending ETF reviews.
At the same time, talk around the proposed “tariff dividend” lifted investor sentiment, despite the Treasury clarifying it may come as tax relief rather than direct stimulus.
Featured image via Shutterstock
Source: https://finbold.com/is-wall-street-finally-ready-for-xrp/
