Second XRP ETF Filed with SEC – Is the big XRP Boom Coming Now?

The world of cryptocurrencies is in motion again after the second provider submitted an application for an exchange-traded fund (ETF) on XRP. After an initial submission of a spot ETF for XRP, the investment firm Canary Capital has now also submitted an application to the US Securities and Exchange Commission (SEC). This development shows that interest in XRP as an investable asset continues to grow.

XRP and its meaning

XRP, Ripple Labs’ cryptocurrency, is particularly known for its efficiency in cross-border transactions. Despite ongoing regulatory battles with the SEC, XRP remains one of the largest and most well-known cryptocurrencies. A spot ETF on XRP could have the potential to make this digital currency even more accessible and open the market to institutional investors.

Why an XRP ETF is important

An ETF that holds XRP directly would allow investors to participate in the price increase of XRP without dealing with the technical challenges of directly acquiring and holding cryptocurrencies.

This is particularly attractive to institutional investors looking for a regulated and secure way to invest in cryptocurrencies. In addition, such an ETF could help further establish the crypto market and help it gain more credibility and acceptance among traditional investors.

Canary Capital’s application

Canary Capital is the second provider to file for a spot ETF on XRP with the SEC after an initial application. The ETF would track the actual price of XRP, making it an exciting opportunity for investors who want to bet on the price performance of this cryptocurrency.

The filing underscores the growing confidence of financial services providers in the crypto market, despite the challenges posed by regulatory uncertainty.

The regulatory hurdle

The SEC has been cautious in the past when it comes to approving crypto ETFs. While some ETFs on Bitcoin and Ethereum have already been approved, the agency has been hesitant towards less established cryptocurrencies such as XRP. The decision on Canary Capital’s application could set a precedent and pave the way for more XRP ETFs.

Conclusion

The filing of a second XRP ETF application by Canary Capital shows that interest in cryptocurrencies as a regulated form of investment continues to grow. If the SEC approves this ETF, it could not only affect the XRP price but also strengthen the acceptance of cryptocurrencies among institutional investors. The next few weeks will show how the authority responds to this second application.

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