XRP investors are holding their breath. On November 13, something could happen that will change the future of the cryptocurrency forever: the possible launch of the first-ever spot ETF for XRP in the United States.
This could not only attract institutional capital, but also trigger a new price explosion.
Exciting deadline for XRP ETF approaching
American investor and podcast maker Paul Barron without hesitation calls November 13 “the most important day for XRP in years”. On that date, the company Canary Capital hopes to launch its long-awaited XRP exchange-traded fund (ETF).
Canary has previously launched ETFs for Litecoin and Hedera, and is now trying to do the same for XRP. Thanks to a legal ‘trick’ – the deletion of the so-called “delaying amendment” – their application can be automatically approved if the SEC regulator does not object before that date. That deadline falls exactly on Wednesday, November 13.
Great potential institutional money
The importance of this ETF is not only in the product itself, but especially in the possible effect on the market. “These ETFs could attract billions of dollars in just a few months,” says Bitwise CIO Matt Hougan. Paul Barron emphasizes that this type of regulated investment product opens a door for institutional investors to finally gain exposure to XRP.
That things can move quickly is evident from the REX-Osprey XRP ETF (XRPR), which has already collected $114 million in assets under management since its launch in September. In addition to Canary, six other big names are lining up for an XRP ETF, including Grayscale, Bitwise and Franklin Templeton.
Is it really going to happen on November 13?
The launch on November 13 still depends on approval from Nasdaq, which must accept a so-called Form 8-A before the product can be traded on the stock exchange. The American government also plays a role. If the government is fully operational before that date and the SEC is therefore actively supervising again, this could still cause a delay.
Yet there is growing hope in the market that this ETF will be created. According to Barron, the momentum could be similar to when the SEC dropped its case against Ripple. Then the XRP price shot up by more than ten percent within a day.
The question now is: can a new ETF launch surpass that effect?
Source: https://newsbit.nl/belangrijkste-dag-voor-xrp-in-jaren-gaat-op-13-november-alles-veranderen/
