Wednesday, November 13, 2024
HomeCryptocurrencyBombshell Commentary for XRP: "The First Big Step Has Been Taken"

Bombshell Commentary for XRP: “The First Big Step Has Been Taken”

A strong claim was made for XRP, which failed to achieve the expected rise amid bullish forecasts.

CME Group Senior Managing Director Tim McCourt clarified whether the XRP spot ETF will be launched. McCourt said that the first big step has been taken for XRP and more developments could be coming soon.

McCourt said:

“We have an XRP reference rate and a real-time index, which is the first step in building an ecosystem. We have more than 50 real-time prices and references. “This data is very important for product providers like Bitwise, because at least they have access to a fully regulated benchmark.”

Claiming that the index would open the door to a potential XRP ETF, McCourt did not mention the legal battle between the SEC and Ripple.

Will XRP be opened up to corporates?

After the launch of Spot Bitcoin and Ether ETFs, all eyes turned to altcoins. Investors are waiting for XRP and Solana ETFs in the hope that they will have a positive impact on the crypto market.

Speaking at Ripple Swell 2024, Tim McCourt said an important step has been taken to launch the spot XRP ETF. These statements came after Canary Capital filed for a second XRP ETF. Canary becomes the second provider to apply for an XRP ETF after Bitwise Asset Management.

Spot ETFs allow the crypto market to interact with institutions. These funds attract more investors to the sector.

McCourt said the launch of ETFs accelerated the growth of the sector. The manager noted:

“Some of the highest open interest and volume occurred with the launch of ETFs. “I don’t think these are coincidences.”

XRP Underperformed Expectations Despite Spot ETF Rumors Since the beginning of the year, the XRP price has increased almost 10 times.

This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.

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