Gemini Adds XRP, Speculation of XRP ETF Launch
Cryptocurrency exchange Gemini has added XRP to its platform, leading to speculation about the possibility of an XRP exchange-traded fund (ETF). However, Bloomberg’s ETF research analyst, James Seyffart, believes that an XRP ETF is unlikely due to the negative stance of the United States Securities and Exchange Commission (SEC) on cryptocurrencies and Ripple, as well as a lack of demand from issuers. The SEC has previously rejected spot Bitcoin ETF filings by the Winklevoss twins, claiming that they do not provide enough investor protection. However, leveraged Bitcoin futures ETFs have been approved. As of now, the price of XRP is at $0.631.
Main Points:
- Gemini has added XRP to its platform, sparking speculation about an XRP ETF launch.
- An XRP ETF is unlikely due to the SEC’s negative stance on cryptocurrencies and Ripple, as well as a lack of demand from issuers.
- The SEC has previously rejected spot Bitcoin ETF filings.
- Leveraged Bitcoin futures ETFs have been approved.
- The price of XRP is currently at $0.631.
Hot Take:
While the addition of XRP to Gemini has raised speculation about an XRP ETF, it is unlikely to happen due to the SEC’s negative stance and lack of demand. The SEC has shown resistance to approving spot Bitcoin ETFs, but leveraged Bitcoin futures ETFs have received regulatory approval. The price of XRP remains stable at $0.631. Overall, an XRP ETF may not be on the horizon anytime soon.
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