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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 anticipating its debut. Tim McCourt, senior managing director at CME Group, stated that the first major step toward an XRP ETF has been taken with the establishment of an XRP reference rate and real-time index. These are critical components for building out the ecosystem, providing regulated benchmarks for product providers like Bitwise.
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This comes shortly after the U.S. Securities and Exchange Commission received its second application for an XRP ETF from Canary Capital, following Bitwise Asset Management’s filing. McCourt emphasized that the introduction of cryptocurrency ETFs has significantly accelerated the growth of the industry, as demonstrated by the increased activity in futures and open interest.
While Bitcoin and Ethereum have seen substantial price gains since the introduction of their ETFs, XRP’s price has been relatively subdued, increasing by just over 8% in the past year compared to Bitcoin’s 154% rise. However, the launch of an XRP ETF could potentially provide a similar boost to its price, as was seen with Bitcoin, where spot ETFs drove a significant portion of new investment, pushing Bitcoin past the $50,000 mark in early 2024.
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