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Spot XRP ETF Unlikely This Year: XRP Community Kicks up Fuss

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Mon, 29/01/2024 - 14:37
Spot XRP ETF Unlikely This Year: XRP Community Kicks up Fuss
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Major member of the XRP community @XRPcryptowolf has taken to X/Twitter to share his take on the catalyst for the future XRP bull run and on the spot XRP ETF launch timing.

After the spot Bitcoin exchange-traded fund was approved by the SEC in the middle of January, the crypto community began to anticipate the launch of another spot ETF – the one based on Ethereum – and some also began talking about the likelihood of an XRP spot ETF emerging.

However, it seems that neither is going to be launched soon.

Ethereum spot ETF verdict delayed; no XRP ETF expected this year

Last week, the SEC regulator delayed the decision on spot Ethereum ETFs for the BlackRock and Grayscale giants. The latter intends to convert its Ethereum Trust into a spot-based ETF as it did with Bitcoin Trust recently.

The aforementioned Twitter user @XRPcryptowolf, who boasts 319,500 followers on this popular platform, believes that the crypto community is unlikely to see a spot XRP ETF approved this year. Besides, nobody has even filed for it - not even the official distributor of XRP on the market, Ripple Labs.

Seeing an XRP ETF launched this year “would be way too soon,” the prominent XRP community member tweeted, pointing out that the Bitcoin ETF took a large number of years to secure official approval. Grayscale has been trying to do that for many years. Therefore, @XRPcryptowolf says, there will probably be another catalyst for a possible XRP bull run that the XRP community expects to take place soon.

Related

Ripple transfers millions of XRP to exchange

Whale Alert cryptocurrency tracker has reported that earlier today, a large XRP stash was transferred from an anonymous wallet to major cryptocurrency exchange Bitstamp.

In total, 27,700,000 XRP were deposited – an amount evaluated at $14,482,315. The majority of commentators under the post believe that this is an impatient whale with “paper hands” selling their XRP stash.

However, the details of this transfer shared by the Bithomp platform show that the sender address is associated with Ripple. The reasons behind this XRP transfer remain unclear, but such transfers happen every week; often, a similar XRP amount is transacted to another large cryptocurrency exchange – Bitso, based in Mexico.

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