Blackrock and Grayscale, two industry giants, are expected to play a pivotal role in the potential introduction of an XRP ETF. Insider sources suggest that an application for this ETF could be submitted as early as April 2024, aligning with the resolution of the SEC v. Ripple legal dispute.
Ben Armstrong, a well-known crypto influencer, recently shared the community’s views in a YouTube video. The legal clarity that XRP gained as a non-security in a court ruling last year has increased the likelihood of an ETF launch. This newfound clarity from the legal battle with the SEC has raised the hopes of XRP enthusiasts.
Grayscale Investments has made a significant move by officially re-adding XRP to its Grayscale Digital Large Cap (GDLC) Fund. This decision follows a two-year break caused by the SEC’s lawsuit against Ripple. Grayscale has allocated approximately $9.6 million, or 2.54% of its $378.5 million GDLC Fund, to XRP.
Despite Grayscale’s decision to reintroduce XRP to its Digital Large Cap Fund, the price of XRP has not seen a significant increase. Currently trading at $0.56, XRP has seen fluctuations of 1.18% in the past 24 hours and has declined over the past week and month. The reintroduction of XRP into Grayscale’s fund has sparked speculation about the potential for an ETF, but the realization of such an ETF remains uncertain. XRP continues to face challenges in maintaining a steady upward momentum despite overall improvements in the cryptocurrency market.
In a Bloomberg interview, Steve McClurg, co-founder and chief investment officer of Valkyrie Funds, hinted at the potential for Ethereum and Ripple ETFs, citing growing market interest. McClurg expressed optimism about the launch of these ETFs following the expected introduction of Bitcoin spot ETFs. Despite not confirming any specific plans for these products, McClurg’s comments highlighted the increasing interest in various crypto investing possibilities.
Valkyrie Funds is on the brink of launching a Bitcoin ETF, with trading expected to start soon, pending approval from the U.S. Securities and Exchange Commission (SEC). However, what has caught the attention of many in the cryptocurrency space is Steve McClurg’s suggestion that Ethereum and Ripple spot ETFs might follow suit. McClurg is confident these ETFs will be approved based on recent market trends. He cited Grayscale’s decision to include XRP in one of their publicly traded trusts as a significant sign of the increasing demand for varied cryptocurrency investment solutions. Although McClurg believes the market is ready for Ethereum or Ripple ETFs, Valkyrie has not publicly stated that it intends to pursue them.
McClurg views Ethereum and Ripple ETFs as more retail-oriented investing instruments, should they become available. These exchange-traded funds (ETFs) may offer more accessible options for investors outside of the crypto space. This kind of accessibility may encourage more people to use these digital assets.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ben Armstrong, Steve McClurg |
| Companies | Grayscale Investments, U.S. Securities and Exchange Commission, Blackrock, Valkyrie Funds, Grayscale |
| Currencies | Ethereum, Bitcoin, XRP |
| Securities | None |
