XRP ETF In Front Of The Eyes, Grayscale Submits Application To US Regulators

XRP crypto assets will be available in ETF investment products. (Photo; Doc. CoinMarketCap)

JAKARTA - The popularity of crypto exchange-trained funds (ETF) investment products continues to soar after Bitcoin and Ethereum ETFs are officially approved in the markets of the United States, Australia, and Hong Kong. This wave also encourages investor enthusiasm, which views ETF as a safe and regulated way to access major digital assets.

In recent developments, Canary Capital and Bitwise filed an ETF for XRP, while Grayscale, a leading digital asset manager firm, has requested permission from the United States Securities and Exchange Commission (SEC) to turn Grayscale Digital Large Cap Fund (GDLC) into ETF.

Grayscale's application has been officially accepted by the SEC. The GDLC currently allocates about 77 percent of its funds in Bitcoin, 17 percent in Ethereum, and the rest in Solana, XRP, and Avalanche. Through conversion to ETF, Grayscale hopes to provide wider access to retail investors looking for regulated ways to invest in digital assets.

An increase in interest in the XRP ETF was also seen in October, along with apps from Canary Capital and Bitwise. However, some analysts say that approval from the SEC may not come quickly, given the strict regulation of crypto-related products in the United States. ETF expert Eric Balchunas said that a combined ETF that includes some crypto assets may have a faster chance of being approved than individual ETFs.

Ripple CEO Brad Garlinghouse also expressed optimism, who believes that the ETF for XRP is "irresistible." Although Ripple is currently facing a $125 million fine from the SEC, Garlinghouse is optimistic that the presence of the XRP ETF will encourage greater interest from the XRP community and have a positive impact on the overall crypto market.