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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Is An XRP Spot ETF Coming To The US Soon? Bloomberg Analyst Answers

Scott Matherson
Scott Matherson
11 months ago
3 mins read
XRP

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Ripple has continued to revel in the glow of Judge Analisa Torres’ ruling in favor of the crypto company, with many use cases being touted for its native token XRP. The most recent use case to surface is a Spot XRP ETF, and Bloomberg analyst James Seyffart has quickly weighed in on the possibility of this happening. 

How Possible Is A Spot XRP ETF?

Seyffart, during an appearance on Tony Edward’s Thinking Crypto Podcast, explained that XRP would need to be listed on the Chicago Mercantile Exchange (CME) before the SEC can approve a Spot XRP ETF. 

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This argument stems from the SEC’s requirement for a regulated market of significant size in the underlying asset. Relatively, exchanges looking to list a Spot Bitcoin ETF are, in hopes of gaining approval, relying on the fact that the CME Bitcoin futures, which happen to be a regulated market, provide significant size to provide necessary data and insights for any spot market. 

So Seyffart also believes that any Spot XRP ETF application will also need to fulfill the requirement of the token having a significant market size that can be used to provide any data and insights needed to prevent fraud and market manipulation. To achieve this and easily get the SEC’s approval, listing XRP futures on a prominent derivative exchange like CME would be the way to go, in his opinion. 

Despite his remarks, Seyffart isn’t so optimistic about a Spot XRP ETF launching anytime as, according to him, this isn’t something he sees “materializing in the foreseeable future.”

Ripple (XRP) price chart from Tradingview.com (XRP ETF)

Token price continues to fall as euphoria wanes | Source: XRPUSDT on Tradingview.com

Little Or No Demand Is A Hindrance

Another notable highlight from Seyffart’s remarks was when he suggested that there was little or no demand for an XRP ETF, something which he believes is integral if we are to see any ETF application. 

However, there is reason to believe this assumption may not be outrightly correct, as certain figures suggest an increasing demand for XRP, notably among institutional investors. 

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Renowned Finance Author Says Bitcoin Price Will Reach $1 Million If This Happens

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Last month, a report stated how XRP’s sales had jumped significantly this year, with over 2.22 billion XRP sold since the beginning of the year. Furthermore, according to a more recent report, the token recorded an institutional inflow of $0.5 million two weeks ago.

Ripple’s XRP Ledger is also going head to head with the foremost Bitcoin and Ethereum networks, as it has recorded an increase in daily transactions since the beginning of August. This record has seen it surpass market leader Ethereum in terms of daily transactions conducted on both networks. 

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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