Insights into the Anticipated XRP ETF Launch and Recent Developments
Our editorial team is committed to providing trusted content, thoroughly reviewed by industry experts and experienced editors. We maintain transparency with our readers regarding any advertising content.
Anticipation Grows for July 18 XRP ETF Debut
Prominent XRP advocate and lawyer, John Deaton, is expressing excitement as the significant date of July 18 approaches. This day could mark the launch of a new fund offering investors exposure to the altcoin XRP.
Advertisement Banner
John Deaton’s Reflections on Upcoming ETF Launch
In a recent post on X, John Deaton shared his reaction to the announcement of the ProShares XRP ETF set to debut on July 18. He reminisced about a pivotal moment two years prior when a federal judge ruled that XRP was not a security. This landmark decision was a result of the efforts of 75,000 XRP holders who supported his amicus brief.
Deaton highlighted the significance of this upcoming ETF launch as a triumph for free markets. The anticipated launch of the ProShares XRP ETF, as per the company’s filing with the SEC, is poised to inject substantial capital into the XRP ecosystem, benefiting the altcoin’s market dynamics.
The legal clarity provided by Judge Analisa Torres in the XRP case has been pivotal. It has allowed institutional investors to confidently seek exposure to XRP, contributing to the altcoin’s market growth and price appreciation.
It’s important to note that the ProShares XRP ETF is a futures-based fund, not a spot ETF. This means investors will gain indirect exposure through futures and derivatives contracts linked to XRP, rather than direct ownership.
Canada’s XRP ETF Reaches a Significant Benchmark
In another update, 3iQ announced that its Ripple-supported XRP ETF, the largest of its kind in Canada, has surpassed $50 million in client assets since its inception on June 18. Pascal St-Jean, CEO of the asset management firm, remarked that this achievement underscores the persistent interest in these digital assets. It also suggests the potential enthusiasm that could follow the introduction of spot XRP funds in the United States.
Prospects for US-Based XRP Spot ETFs
According to Bloomberg analysts James Seyffart and Eric Balchunas, there is a strong likelihood that the SEC will approve US-based spot XRP ETFs this year, with predictions of a 95% chance of approval.
Moreover, market analyst Nate Geraci pointed out that Ripple’s decision to withdraw its cross-appeal in the ongoing XRP litigation may pave the way for future XRP fund approvals. The expectation that the SEC may also withdraw its appeal is a positive signal for XRP’s market outlook.
At present, XRP’s price is hovering around $2.87, experiencing a slight decline of over 2% in the past 24 hours, based on CoinMarketCap data.
Commitment to Editorial Excellence
Our editorial process at Bitcoinist is designed to deliver content that is well-researched, accurate, and impartial. We adhere to rigorous sourcing standards, with each article undergoing thorough review by our team of leading technology experts and seasoned editors. This approach ensures our content remains trustworthy, relevant, and valuable to our readers.
