Ripple (XRP) ETF Edges Closer to Reality with New Milestone

Ripple (XRP) ETF Filing Progresses with SEC Acknowledgment

The endeavors to establish a crypto-based exchange-traded fund (ETF) in the United States continue relentlessly, and XRP has marked a significant milestone. The Securities and Exchange Commission (SEC) has officially acknowledged Bitwise's 19b-4 filing, signaling the commencement of its approval process.

Within 21 days, interested parties may submit their comments. Following this period, the SEC holds the authority to "approve, disapprove, or institute proceedings."

Previously, the SEC acknowledged XRP ETF filings from Grayscale and 21Shares, while applications from Canary Capital and WisdomTree remain pending.

Unlike the immediate surge observed upon the acknowledgment of 21Shares' XRP ETF application, this development did not lead to substantial gains for XRP in the initial hours.

Alongside the broader market, XRP has experienced losses, dipping below $2.5 and dropping by over 5% within 24 hours.

Despite the SEC's acknowledgments, the agency remains engaged in ongoing legal proceedings with Ripple. Experts contend that the lawsuit must be resolved before a potential XRP ETF approval.

Bloomberg's ETF experts, James Seyffart and Eric Balchunas, have expressed that XRP is not the primary contender for an exchange-traded fund after BTC and ETH. Instead, they have placed Litecoin and Dogecoin as more likely candidates.

Nonetheless, Ripple's CEO, Brad Garlinghouse, maintains an optimistic stance, reiterating that an XRP ETF is "inevitable."