XRP, Emerging as a strong candidate for the next spot ETF…Attention on SEC decision

Cryptocurrency research company Kaiko evaluated that XRP is the most likely candidate for the next spot ETF approval. According to The Block, Kaiko cited the high market depth (cumulative order amount within 1% of the market price) recorded on major exchanges and the number of ETF applications as the basis.

To date, a total of 10 XRP-based spot ETFs have been applied for, recording the largest number, and it has shown superiority over other cryptocurrencies in terms of liquidity. In particular, in the process of approving ETFs, the U.S. Securities and Exchange Commission (SEC) considers liquidity indicators important, making XRP advantageous. In market depth, Solana (SOL) showed the second highest figure following XRP.

In addition, XRP is already being used as a regulated investment tool through the futures-based ETF (XXRP) launched by Teucrium, and market expectations for the conversion to a spot ETF are also growing.

The SEC must decide whether to approve the conversion of the XRP Trust's spot ETF application by Grayscale by May 22. The industry believes that this decision will significantly affect the flow of approval for other cryptocurrency ETFs in the future.