Cryptocurrency XRP, following Bitcoin, is known as the leading digital asset on Wall Street, according to Canary's CEO's declaration.
In the world of cryptocurrencies, the anticipation is building for the potential launch of Exchange Traded Funds (ETFs) based on Ripple (XRP). With Canary Capital leading the charge, the crypto landscape could be set for a significant shift.
Canary Capital's CEO, Steven McClurg, has stated that XRP is the second most famous cryptocurrency on Wall Street, following Bitcoin. The entity that has submitted the most XRP ETF applications to the Securities and Exchange Commission (SEC) is Ripple. Over 15 ETF issuers have filed applications for setting up an XRP ETF, with Ripple being the primary focus among investors and issuers.
The demand for XRP ETFs is attributed, in part, to the success of CME XRP futures and futures-based ETFs. McClurg suggests that the XRP ETFs are in a good position to gain the SEC's approval due to the presence of XRP futures on top crypto exchange Coinbase and regulated XRP futures products on the Chicago Mercantile Exchange (CME).
Canary Capital has filed for an 'American-made Crypto ETF,' which will be a crypto index fund that invests in several coins with ties to the U.S. Apart from XRP, the company has also filed for PENGU, TRX, INJ, AXL, SUI, SEI, and Trump coin ETFs, in addition to XRP, Solana, Litecoin, and Hedera ETF filings.
The SEC has delayed its decision on Canary Capital's XRP fund until October 23. McClurg predicted that XRP ETFs could record up to $5 billion in inflows in their first month. Market expert Nate Geraci also believes that the XRP ETFs will record significant demand.
If launched this year, the XRP ETFs could potentially outperform Ethereum ETFs. McClurg opined that the Fed should have cut rates a long time ago, but believes they will finally cut interest rates at the September Federal Open Market Committee (FOMC) meeting. He also predicted that other crypto funds may not receive SEC approval until next year.
The potential launch of these XRP ETFs could generate significant demand, potentially shaking up the crypto market. As we await the SEC's decision, the anticipation for these innovative funds continues to grow.
