XRP Could Be the Next to Gain Spot ETF Approval in the U.S.

XRP may soon become the third cryptocurrency in the U.S. to get a spot ETF approval, following Bitcoin (BTC) and Ethereum (ETH). Analysts at Kaiko reported that XRP has key advantages that put it ahead of other digital assets. These include strong market liquidity, high trading volume in the U.S., and Teucrium’s recent launch of a 2x leveraged XRP ETF . Many experts believe XRP is in a strong position for approval. Also, the U.S. Securities and Exchange Commission (SEC) ‘s new leadership and more ETF filings drive optimism. XRP Has the Most ETF Filings Kaiko says XRP stands out amongst other altcoins because it has more active ETF applications and strong market depth on top centralized exchanges. This means there are large buy and sell orders close to the current price, which helps create a more stable market. This makes XRP one of the most liquid crypto assets. Kaiko said the SEC considers these factors before approving a spot ETF. The change in SEC leadership is also driving optimism. A pro-crypto candidate, Paul Atkins, is expected to replace former SEC Chair Gary Gensler, a staunch crypto critic. Since Atkins’ Senate confirmation, big investment firms have increased their efforts to launch crypto ETFs. The end of Ripple’s legal battle with the SEC also removed the block road for an XRP ETF. Although the final resolution is still being worked on, CEO Brad Garlinghouse confirmed that the case is no longer active in court. While XRP looks promising , market sentiment is still uncertain. The options market for XRP is still showing a bearish trend. Other Altcoins Are Still in the Game Solana and Litecoin are also in the race for spot ETFs. Solana recently got CME futures, which is often a step before getting a spot ETF. Canada is also set to launch a Solana ETF on April 16, which could help push U.S. approval. Litecoin, with a consensus mechanism similar to Bitcoin’s, also has a strong case. In January, Eric Balchunas said Litecoin would most likely get the next U.S. spot ETF approval. XRP is Growing in U.S. Markets When the SEC initially sued Ripple in 2021, many crypto exchanges delisted XRP, leading to a massive market downturn for the asset. However, XRP’s trading volume on U.S. platforms has climbed to the highest level it has ever been. The crypto community is anticipating May 22, when the SEC must respond to Grayscale’s application for a spot XRP ETF. Kaiko said that the launch of Teucrium’s leveraged ETF already uses tools like swaps and foreign ETPs to track XRP. So, the SEC has no strong reason to disapprove. The post XRP Could Be the Next to Gain Spot ETF Approval in the U.S. appeared first on TheCoinrise.com .

Source: The Coin Rise