The odds of XRP exchange-traded funds (ETFs) have surged above the 90% level once again, according to Polymarket data.
At press time, the odds of such a product being approved this year currently stand at nearly 94%.
As reported by U.Today, Bloomberg analysts recently reiterated that the approval of XRP ETFs was nearly certain. This came after some suggested that anti-crypto Democratic Caroline Crenshaw could potentially prevent the approval of such products.
How much demand will they attract?
At this point, the approval of spot ETFs looks like a done deal, but the real question is whether or not they will actually manage to attract enough demand.
There are some mixed views on this issue. While ETF analyst Nate Geraci expects these ETFs to outperform market expectations (just like Bitcoin and Ethereum ETFs), there are some naysayers who are convinced that such products will actually expose the lack of institutional interest in the XRP token, eventually causing its demise.
The fact that such giants as BlackRock and Fidelity have not joined the much-talked-about XRP ETF race might be a bad omen for future demand. It is worth noting that Fidelity did file for a Solana-based ETF while ignoring XRP.
At the same time, the strong numbers logged by CME's XRP futures show that there is likely a lot of untapped demand for the token.
XRP's price remains in limbo
According to data provided by CoinGecko, XRP is currently trading at $2.84.
The token has seen relatively little volatility after losing the psychologically important $3 level.
The token is still down roughly 22% from its record high of $3.65 that was achieved back in July.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team