Canary Capital has submitted a proposal to the SEC for a spot XRP ETF, aiming to offer investors exposure to the cryptocurrency without directly buying it.
This move highlights the growing interest in alternative digital assets beyond Bitcoin and Ethereum, although the outlook for a similar Solana ETF has dimmed significantly.
The proposed ETF would track XRP’s value using a benchmark index that pulls data from various regulated exchanges.
If approved, it would allow both institutional and retail investors to access XRP through traditional financial markets while simplifying issues related to custody and regulation.
This push for an XRP ETF comes as demand for diverse crypto investment options rises. Bitwise has also filed for an XRP ETF, and Grayscale recently introduced an XRP Trust, reflecting increasing interest from the Ripple community.
Despite this momentum, challenges persist. The SEC is appealing a recent ruling regarding XRP’s non-security status, and experts believe that an XRP futures ETF might need to be approved before a spot ETF can move forward.
Ethereum investors who bought at higher price levels are now struggling to inject new capital into the market, raising doubts about the cryptocurrency’s ability to regain momentum, according to Chinese on-chain analyst Murphy.
Dogecoin’s network has seen a massive uptick in activity, with the number of active addresses skyrocketing by 400%, according to blockchain analytics.
Ella Zhang, head of YZi Labs (formerly Binance Labs), has observed a noticeable change in crypto investment patterns.
21Shares has decided to shut down its Bitcoin and Ethereum futures ETFs, with liquidation expected to take place by March 28.