- Industry giants Blackrock and Grayscale may lead the charge for an XRP ETF application in April 2024.
- Valkyrie Funds’ Steve McClurg suggests Ethereum and Ripple ETFs could follow Bitcoin’s, but SEC approval is uncertain.
Major industry players Blackrock and Grayscale are anticipated to be crucial to possibly introducing an XRP ETF, according to media sources. Insider sources claim that an application for an XRP ETF may be made as early as April 2024, which would correspond with the outcome of the SEC v. Ripple legal dispute.
In a recent YouTube video, crypto influencer Ben Armstrong expressed the community’s opinions. The legal clarification that XRP obtained as a non-security in a court decision last year has increased the possibility of an ETF launch. XRP enthusiasts have heightened hopes due to the newfound clarity resulting from the legal struggle with the SEC.
Grayscale Investments made a significant move by officially re-including XRP as a component asset in its Grayscale Digital Large Cap (GDLC) Fund. This decision comes after a two-year hiatus prompted by the SEC’s lawsuit against Ripple. Grayscale allocated approximately $9.6 million, contributing 2.54% of its $378.5 million GDLC Fund, toward XRP.
Speculation Amidst Uncertainty
Despite Grayscale’s decision to reintroduce XRP to its Digital Large Cap Fund, the price of XRP has not seen significant upward movement. Currently trading at $0.56, XRP has experienced fluctuations of 1.18% in the past 24 hours and declined over the past week and month.
While the reintroduction of XRP into Grayscale’s fund has fueled speculation about the potential for an ETF, the actualization of such an ETF remains uncertain. XRP continues to face challenges in maintaining a steady upward momentum despite overall improvements in the cryptocurrency market.
Ethereum and Ripple ETFs on the Horizon
In a Bloomberg interview, Steve McClurg, co-founder and chief investment officer of Valkyrie Funds, hinted at this potential, citing growing market interest. Steve McClurg, a key figure in Valkyrie Funds, expressed optimism about the launch of these ETFs following the expected introduction of Bitcoin spot ETFs. Despite not confirming any particular plans for these products, McClurg’s comments highlighted the increasing interest in various crypto investing possibilities.
Valkyrie’s Bitcoin ETF and the Ripple of Possibility
Valkyrie Funds is on the verge of launching a Bitcoin ETF, with trading expected to commence soon, pending approval from the U.S. Securities and Exchange Commission (SEC). However, what has caught the attention of many in the cryptocurrency space is Steve McClurg’s suggestion that Ethereum and Ripple spot ETFs might follow suit.
Based on recent market trends, McClurg is confident these ETFs will be approved. As a noteworthy sign of the increasing demand for varied cryptocurrency investment solutions, he cited Grayscale’s choice to include XRP in one of their publicly traded trusts. Although McClurg feels the market is ready for Ethereum or Ripple ETFs, Valkyrie has not publicly stated that it intends to pursue them.
McClurg sees Ethereum and Ripple ETFs as more retail-oriented investing instruments, should they become available. These exchange-traded funds (ETFs) may offer more accessible options for investors outside of the crypto space. This kind of accessibility may encourage more people to use these digital assets.
