The next few weeks heading into October could be significant for XRP and the rest of the cryptocurrency market amid expectations of a potential spot ETF launch for XRP in the U.S. with six applications in the spotlight.
According to Nate Geraci, the president of NovaDius Wealth Management, October might be crucial to watch given the recent developments in the last two weeks, including the first ETF offering spot XRP exposure, the SEC approving generic listing standards, the first index-based spot crypto ETF and Vanguard’s U-turn on crypto ETFs. “Get ready for October,” Geraci said.
In the past week, the first ETF offering exposure to spot XRP in the U.S., REX-Osprey XRP ETF, XRPR, was launched. Options trading was later added to XRPR ETF this week.
This week, Hashdex Nasdaq Crypto Index U.S. ETF was “approved” under SEC’s new generic listing standards, which might include other crypto assets apart from Bitcoin and Ethereum, such as XRP.
What to expect in October?
Between Oct. 18 and 25, the SEC is set to rule on six major spot XRP ETF applications. These include Grayscale XRP ETF (Oct. 18), 21Shares core XRP Trust ETF (Oct. 19), Bitwise XRP ETF (Oct. 22), Canary Capital XRP ETF (Oct. 23), WisdomTree XRP ETF (Oct. 24) and CoinShares XRP ETF (Oct. 23).
In addition, Ripple’s application for a national bank charter (under review by the Office of the Comptroller of the Currency) is also expected to be decided in October.
The XRP community remains optimistic, expecting XRP ETFs to attract large institutional inflows to XRP. This is not far fetched as CME Group’s XRP futures topped $1 billion in open interest (the fastest growth of any crypto derivatives contract), highlighting institutional demand.
CME Group has announced the upcoming launch of options on XRP and Micro XRP futures scheduled for Oct. 13.
Source: https://u.today/countdown-begins-five-potential-xrp-etfs-could-define-october