The Possibility of XRP and Ethereum ETFs: Insights from Valkyrie Executive

The likelihood of an ETH or XRP spot ETF being approved has significantly increased, especially now that spot Bitcoin ETFs are also expected to be authorized.

Valkyrie’s CIO predicts XRP and Ethereum spot ETFs could be coming soon.

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📢 Breaking news! The Chief Investment Officer of Valkyrie Funds, Steven McClurg, has made a bold statement regarding the possibility of XRP and Ethereum exchange-traded funds (ETFs). According to McClurg, the recent updates with Bitcoin spot ETFs and their increasing likelihood of approval could pave the way for XRP and Ethereum ETF proposals. Hold on to your hats, folks, because we might be in for some exciting developments in the crypto ETF space! 🚀🌙

The Ripple Effect and Ethereum ETFs

In a recent Bloomberg interview, Steven McClurg expressed his belief that Ripple, the company behind XRP, could potentially see an ETF for its native digital asset. He pointed out that Grayscale, the giant asset management firm, had added Ripple to one of their trusts as a publicly traded asset. This move, coupled with the progress made by Ripple, has led McClurg to speculate that we might just see Ripple or Ethereum Spot ETFs in the near future.

Hold up, though! Before you get too excited, it’s important to note that there are no official mentions of an XRP ETF from Ripple or any insiders at the moment. However, there are pending applications for spot Ethereum ETFs. Grayscale Investments, the same company that added Ripple to its trusts, has formally requested a spot Ethereum ETF from the United States Securities and Exchange Commission (SEC). Grayscale aims to convert its Grayscale Ethereum Trust (ETHE) into an ETF through the New York Stock Exchange (NYSE). The SEC has recently extended their decision timeline on the ETF, with the new deadline set for January 25, 2024.

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Another player in the game is BlackRock Inc, a renowned asset management firm that has filed for a spot Ethereum ETF with the SEC. With multiple applications and growing interest, it seems like the spotlight is shining on Ethereum ETFs.

XRP’s Rocky Ride and Ethereum’s Ascendancy

While the potential for XRP ETFs generates excitement, it’s essential to assess the state of the market. Currently, Ethereum is priced at $2,421 according to CoinMarketCap data, boasting nearly 6% growth this year and a impressive 55% surge over the last three months. XRP, however, has faced a rougher ride. Despite gaining over 52% in the past year and 16% in the past three months, XRP has lost 9% since January, with a recent 4% dip over the past five days.

Last December, a prominent crypto analyst, JD, made a bullish prediction for XRP based on a Golden Cross pattern. This pattern occurs when the shorter moving average crosses over the longer one, typically resulting in a significant price breakout. Looking at XRP’s history, the asset skyrocketed by over 700% during the first Golden Cross in November 2017 and nearly 1,000% during the second occurrence in April 2021. Using this historical data, JD projected a sensational 2,000% climb for XRP, reaching a staggering $14.

The ETF Verdict: Awaiting the SEC’s Decision

Now, all eyes are on the SEC as they prepare to announce their decision on Bitcoin spot ETFs. The Commission is expected to either approve or reject the ARK/21Shares ETF today, which could potentially set a precedent for other ETF applications. Just yesterday, BlackRock and VanEck made amendments to their S-1 forms after addressing recent comments from the SEC. However, some observers have expressed concerns that the addition of these comments might lead to delays in approvals if individual SEC members choose to exercise their right for a full review.

💡 Insider Tip: Keep a close watch on the SEC’s moves, as it could influence the progress of the XRP and Ethereum ETF proposals.

Q&A: Addressing Readers’ Concerns

Q: How would the approval of Bitcoin spot ETFs affect the likelihood of XRP and Ethereum ETFs? A: The approval of Bitcoin spot ETFs would increase the chances of XRP and Ethereum ETFs being approved as well. With Bitcoin paving the way, regulators could become more comfortable with other cryptocurrencies entering the ETF market.

Q: Why are XRP and Ethereum targeted for ETF proposals? A: XRP and Ethereum have gained significant traction in the crypto space due to their popularity and real-world use cases. Additionally, their underlying blockchain technologies and market positions make them attractive options for potential ETFs.

Q: How would the introduction of XRP and Ethereum ETFs impact their respective prices? A: The introduction of ETFs for XRP and Ethereum could potentially lead to increased demand and liquidity for these cryptocurrencies. Greater accessibility through ETFs may attract more investors, potentially impacting their prices positively.

Looking Ahead: Opportunities and Recommendations

As we eagerly await the SEC’s decision on Bitcoin spot ETFs, it’s important to keep an eye on the developments surrounding XRP and Ethereum ETF proposals. If approved, these ETFs could open up exciting opportunities for investors looking to diversify their portfolios and gain exposure to these popular digital assets.

💼 Hot Tip: Consider diversifying your investment portfolio by allocating a portion to XRP and Ethereum once the ETFs are approved. However, as with any investment, do thorough research and consult with a financial advisor before making any decisions.

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📚 Reference List: 1. Bloomberg Interview 2. SEC Chair Gary Gensler Tells CNBC: Commission Taking New Look At Spot Bitcoin ETFs 3. BlackRock, ARK, and 21Shares Follow Rivals in Cutting Bitcoin ETF Fees 4. SEC Takes a Deeper Look at ETFs 5. Golden Cross Pattern

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Disclaimer: This article is for informational purposes only and should not be taken as financial advice.

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