LONDON (IT BOLTWISE) – The launch of the first spot ETF for XRP marks a significant milestone for the cryptocurrency. With approval from regulators and the successful launch on November 13th, a new opportunity opens up for institutional investors to invest in XRP. This development could promote XRP’s growth in the long term, even if the crypto market is currently going through a difficult phase.
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The launch of the first spot ETF for XRP represents a significant step in the development of the cryptocurrency. After months of preparation, the fund managed by Canary Capital began trading on November 13th, reaching a trading volume of $58 million. This outperforms all other ETFs launched this year and shows investors’ interest in this form of investment.
Spot ETFs provide direct access to the underlying cryptocurrency, meaning institutional investors such as hedge funds can now invest in XRP. Individual investors also have the opportunity to invest in XRP through retirement accounts such as IRAs and Roth IRAs. The approval of the ETF thus opens up new avenues for investing in cryptocurrencies.
Bitcoin and Ethereum are useful examples of why this development is important. They were the first two cryptocurrencies to receive spot ETF approval. Bitcoin ETFs saw inflows of $59 billion, while Ethereum ETFs attracted $13 billion. These numbers illustrate the potential that also exists for XRP.
Although the approval of the ETF will not necessarily lead to an immediate increase in the price of XRP, especially given the current market situation, it could still improve XRP’s long-term growth prospects by attracting institutional investors. This development could help increase trust in XRP and increase adoption of the cryptocurrency.
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