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Following the launch of spot Bitcoin and Ethereum ETFs, interest is growing around the potential for an XRP ETF, with investors eagerly awaiting its debut. Tim McCourt, senior managing director at CME Group, noted that the first big step towards an XRP ETF was taken with the establishment of an XRP reference rate and real-time index. These are critical components for building the ecosystem and providing regulated benchmarks for product providers like Bitwise.
This comes shortly after the US Securities and Exchange Commission received its second application for an XRP ETF from Canary Capital, following Bitwise Asset Management’s application. McCourt emphasized that the launch of cryptocurrency ETFs has significantly accelerated the growth of the sector, as evidenced by increased activity in futures and open interest.
While Bitcoin and Ethereum have seen significant price increases since the launch of their ETFs, XRP’s price has remained relatively quiet, rising just over 8% in the last year compared to Bitcoin’s 154% increase. However, the launch of an XRP ETF could provide a similar boost to its price as seen with Bitcoin. Spot ETFs have driven a significant portion of new investments and pushed Bitcoin above the $50,000 mark in early 2024.
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