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In a new tweet, Fox Business correspondent Eleanor Terrett speaks on the potential of an exchange-traded fund (ETF) for XRP, the sixth-largest cryptocurrency. A spot crypto ETF tracks the market price of the underlying digital asset, allowing investors to have exposure to the token without purchasing the currency.
According to Terrett, to have an XRP spot ETF, there will first need to be a futures ETF, drawing her deductions from the SEC's approach to the Bitcoin spot ETF.
Terrett explains that the SEC concluded that the CME Bitcoin futures market would suffice to offer surveillance for fraud and manipulation as part of the approval process for the BTC spot.
Further adding that "If XRP gets a futures ETF, then it's a step in the right direction to one day getting a spot."
Terrett's post about an XRP spot ETF was in reaction to an X user's "Good Morning Crypto" tweet, which indicated Ripple's job posting for a senior manager for business development in New York.
Tomiwabold OlajideAdding to the speculation, the job description specifically includes driving "cryptocurrency-related ETF initiatives." The tweet said, "Could this mean an XRP ETF is closer than we had imagined?"
"The Ripple job posting involves promoting cryptocurrency-related ETF plans or hints that the company is preparing to apply for an XRP ETF," Wu Blockchain tweeted about Terrett's insights.
Earlier this month, the SEC approved 11 spot Bitcoin ETFs, marking a watershed event in the crypto industry's decade-long quest for legal clearance of such products.
The excitement surrounding the Bitcoin ETF sparked discussion about the approval of similar vehicles for other prominent cryptocurrencies, such as Ethereum and XRP.
In related news, Grayscale's application to convert its Ethereum trust product into an exchange-traded fund (ETF) has been delayed by the U.S. Securities and Exchange Commission. The regulator did the same with BlackRock's application for a similar vehicle.
Alex Dovbnya
Vladislav Sopov
Dan Burgin