A spot exchange-traded fund (ETF) based on the cryptocurrency XRP could be approved in the US as early as tomorrow Wednesday, and be ready for trading as early as Thursday this week.
The possibility arose following key regulatory filings identified by Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.
Balchunas reported. Canary filed Form 8A for XRP ETF on Monday night. This document is an administrative procedure required by the Securities and Exchange Commission (SEC) immediately before an investment product is placed on the market.
Analysts highlighted relevant precedent. When Canary performed the same procedure for an HBAR-based ETF, the fund was launched the next day. Balciunas had originally estimated that Thursday was the likely date (given that today is a US holiday), but this precedent has accelerated his predictions.
Despite this presentation, Bloomberg experts warned: Release date: “No agreement has been reached”. However, it concluded that “all the boxes” necessary for final approval and initiation of product pricing had been checked.
As explained by CriptoNoticias, this approval could favor the price of XRP, which would increase visibility and make the cryptocurrency available in traditional markets.
