Ripple (XRP) seems to be laying the groundwork for a future XRP exchange-traded fund (ETF).
A latest job opening for a Senior Supervisor for Enterprise Growth at Ripple listed a key duty: “drive cryptocurrency-related ETF initiatives with inner buying and selling groups and related companions.” This has led some within the crypto group to wonder if the blockchain funds firm is aligning its technique with the evolving crypto panorama.
This growth surfaces as Ripple navigates by means of a high-profile authorized tussle with the U.S. Securities and Change Fee (SEC), which many speculate might ultimately result in clearer laws and the much-anticipated approval of different crypto ETFs apart from the Bitcoin spot ETF.
The crypto analytics group and trade reporters have been fast to dissect the implications of this position. On Jan. 27, the cryptocurrency insights discussion board, Good Morning Crypto, took to X to spotlight the attainable significance of the little tidbit contained throughout the small print of the marketed place.
🚨 JUST IN: Ripple is looking out for a Senior Supervisor for Enterprise Growth in New York! 🏙️
🌐 Job description drops a touch:
“Drive cryptocurrency-related ETF initiatives.”👀📈May this imply an $XRP ETF is nearer than we had imagined? 🤔🚀
Supply:… pic.twitter.com/YBAEcOc9NI
— Good Morning Crypto (@3TGMCrypto) January 26, 2024
Eleanor Terrett of Fox Enterprise subsequently commented on Good Morning Crypto’s publish, noting that the recruitment of such an skilled might characterize a preliminary transfer towards establishing an XRP ETF.
Nevertheless, Terrett identified the need of a Ripple futures ETF as a precursor to the approval of an XRP spot ETF.
In an effort to have an $XRP spot ETF, there’ll first must be a futures ETF.
A part of getting the $BTC spot ETFs permitted was the @SECGov concluding that the CME bitcoin futures market would suffice to offer surveillance for fraud and manipulation.
If $XRP will get a futures ETF… https://t.co/MPFVSherXK
— Eleanor Terrett (@EleanorTerrett) January 27, 2024
She drew consideration to the precedent set by the approval of Bitcoin futures by the Chicago Mercantile Change (CME), which was essential for the SEC to greenlight Bitcoin spot ETFs.
Crypto journalist Colin Wu echoed Terrett’s sentiment, emphasizing the importance of the job posting in anticipation of an XRP ETF utility.
Bloomberg’s James Seyffart beforehand highlighted the necessity for having XRP futures listed on a major derivatives alternate, resembling CME, earlier than the SEC’s approval of an XRP ETF. The rationale is that the presence of XRP on CME would offer an underlying asset for the ETF to trace, which is a crucial requirement for ETF approval.
XRP’s efficiency over the broader timeframe underscores the challenges it faces amid the continued regulatory debate. Over the past 30 days, per knowledge from CoinGecko, the coin has misplaced greater than 16% of its worth. It additionally registered a 7.3% worth drop within the earlier fortnight and a 3.2% loss over the past seven days.
Nevertheless, previously 24 hours, the worth of XRP has gone up by a modest 1%, a change accompanied by a 24-hour buying and selling quantity of $637.9 million.