Insights and Price Analysis: Market Predicts XRP ETF to Launch Prior to ETH ETF
With the ongoing speculation surrounding the potential introduction of Ethereum ETFs, market experts are suggesting that an XRP ETF may actually be launched before its Ethereum counterpart.
Let’s take a closer look at the evolving market dynamics that contribute to the likelihood of an XRP ETF being introduced ahead of an ETH ETF.
Market Sentiments and Regulatory Outlook
In the midst of escalating discussions within the cryptocurrency community, Fox Business reporter Eleanor Terret has shared insights from a fireside chat with Valkyrie Funds’ CIO.
The chat can be summarized in two key points: firstly, the CIO believes that Ethereum could be classified as a security and that the spot ETF will not be approved in May; and secondly, he thinks it’s more probable that a spot ETF for Litecoin or XRP will receive approval.
Steven McClurg, CIO of Valkyrie Funds, emphasizes the possibility of the Securities and Exchange Commission (SEC) treating Ethereum as a security. Additionally, the ongoing investigation surrounding Ethereum further complicates the chances of a spot ETH ETF being approved.
McClurg’s insights highlight the increasing speculation surrounding the regulatory fate of cryptocurrency ETFs, with XRP and Litecoin ETFs emerging as frontrunners in the approval race.
Price Action Analysis: XRP and Ethereum
While regulatory clarity remains uncertain for both XRP and ETH, with one nearing the end of a lawsuit and the other potentially in the investigation stages before a lawsuit, the price action of both cryptocurrencies provides additional insights into market sentiments.
The comments made by the CEO of Ripple, demanding regulatory clarity for the potential launch of an XRP ETF, coupled with the market optimism surrounding XRPL, indicate that there is a significant interest in XRP’s ETF prospects.
In contrast, Ethereum’s price has experienced a decline. Although the highly anticipated Dencun update did push the Ethereum price to a new all-time high, the coin has been subject to significant volatility influenced by inquiries from US Congress members regarding Ethereum’s security status.
With Ethereum’s price hovering below $3,700, the unresolved regulatory questions introduce an element of uncertainty to its market trajectory, which contrasts with the positive market sentiment towards XRP.
Tags: Crypto news, Ripple (XRP)