A significant week approaches for the cryptocurrency market as six spot XRP exchange-traded fund (ETF) applications await rulings from the U.S. Securities and Exchange Commission (SEC) between October 18 and 25. The outcomes of these decisions could pave the way for XRP to join Bitcoin and Ethereum as the only cryptocurrencies to have U.S.-listed spot ETFs.
According to a recent update on X by Stedas, the SEC’s schedule includes key evaluations of various ETF proposals under its revamped listing standards. The review process will kick off with Grayscale’s spot XRP ETF on October 18, followed closely by the 21Shares Core XRP Trust on October 19. Bitwise’s application is slated for October 22, with CoinShares and Canary Capital also undergoing assessments on October 23. Finally, WisdomTree’s ETF proposal will close the review cycle on October 24.
These applications come in light of the SEC’s newly implemented generic listing standards for crypto ETFs, which allow for approvals that extend beyond previous case-by-case evaluations. Market analysts believe this updated regulatory framework could facilitate new crypto-related products, positioning XRP favorably should the current applications be successful.
In late September, the REX-Osprey XRP ETF made history as the first U.S.-listed product directly linked to spot XRP, further diversifying investment opportunities. Options trading was also introduced promptly afterward, enhancing regulated exposure to the cryptocurrency. Additionally, the SEC’s approval of the Hashdex Index ETF under these new guidelines indicates a shift towards accommodating a broader range of digital assets. If granted, XRP might be among the initial beneficiaries of this evolving regulatory landscape.
Simultaneously, the derivatives market for XRP is witnessing significant developments. CME Group reported that open interest in XRP futures has surpassed $1 billion, marking the fastest growth among digital asset contracts available on the exchange. To further the institutional appeal of XRP, CME is set to launch options on XRP futures, including micro XRP futures, on October 13.
The timing of ETF decisions alongside the growth of derivatives signifies October as a crucial moment for XRP’s market dynamics. Additionally, Ripple’s pending application for a national bank charter is under scrutiny by the Office of the Comptroller of the Currency, with a decision anticipated this month. This convergence of ETF rulings, increasing derivatives activity, and a potential banking license underscores XRP’s rising prominence in institutional and regulatory discussions as October unfolds.
