The race for the approval of XRP exchange-traded funds (ETF) in the U.S. is gaining momentum. The attention of major financial firms such as BlackRock and Fidelity suggests growing confidence in XRP.
Interest of Major Companies in XRP ETF
Nate Geraci, president of The ETF Store, posted on X that XRP ETF approval is simply a matter of time. As the third-largest cryptocurrency by market capitalization without a stablecoin, XRP attracts large asset managers. Companies like BlackRock, Fidelity, Bitwise, Canary Capital, WisdomTree, and Grayscale are expected to eventually join the race.
Current Position of BlackRock and Fidelity
BlackRock has focused on Bitcoin and Ethereum ETFs due to their robust market performance and popularity. Jay Jacobs, head of ETFs at BlackRock, stated that altcoin ETFs such as XRP and Solana are not on the agenda at present. However, analysts argue that BlackRock and Fidelity will soon recognize XRP's potential.
Impact of Ripple Case Settlement
The recent settlement of Ripple Labs' long-running lawsuit with the U.S. Securities and Exchange Commission (SEC) was a significant win for the company. Ripple agreed to pay a cut fine of $50 million from the originally sanctioned $125 million. In February, Brazil approved the world's first spot XRP ETF, increasing the likelihood of XRP ETF approval in the U.S. A projection by Polymarket indicates an 87% chance of approval in 2025. Franklin Templeton is already part of the XRP ETF race, and many experts believe it's only a matter of time before the largest issuers enter this space.
The approval process for XRP ETF in the U.S. is attracting the attention of major financial companies and experts. The settlement of the Ripple case and the introduction of the first spot XRP ETF in Brazil pave the way for new institutional investments and indicate potential approval in the near future.
