"First Spot Ripple ETF in the US is Approaching Certification"

An important development is taking place in the cryptocurrency markets in the USA. The launch of the first spot ETF for Ripple (XRP) is once again grabbing the attention of investors. In recent days, the XRP price was trading around $2.48 as of Wednesday morning, having experienced a 5% decline in the last 24 hours. This situation indicates that investors need to closely monitor market movements.

If Canary Funds' Form 8-A application with the U.S. Securities and Exchange Commission (SEC) is approved, the liquidity of XRP could increase, and institutional investor interest may revive. If approved, the spot XRP ETF could enter the market as of tomorrow. According to Bloomberg analyst Eric Balchunas, it seems the fund is ready for trading and could soon begin transactions after receiving Nasdaq approval.

The certification process by Nasdaq is expected to be completed by 17:30 Eastern Time on Wednesday. Following the approval, it will be possible for the ETF to start trading on Thursday. The new product will trade directly based on XRP, pursuant to the Securities Act of 1933. This structure will provide investors with a more transparent and cost-effective alternative.

This approval holds historical significance for the Ripple ecosystem and the cryptocurrency ETF market in general. Following the approval of spot Bitcoin ETFs at the beginning of 2024, adding XRP to this list indicates that the cryptocurrency market is maturing. According to CoinDesk's analysis, this launch may enhance XRP price discovery and could serve as a test for whether institutional investors will turn to assets beyond Bitcoin and Ethereum.

Particularly, the introduction of Ethereum ETFs and the pending applications for Solana suggest that the approval of the XRP ETF might represent the beginning of a new era for altcoin-based investment products. Investors will need to monitor this process closely.