Investor Anticipation Grows for XRP and Solana ETFs

After the introduction of cryptocurrency exchange-traded funds (ETFs) in the United States, investors are eager for the next digital asset trading products.

During a panel at Ripple Swell 2024, Tim McCourt from CME Group discussed the potential for an XRP ETF, noting that the creation of an XRP reference rate and a real-time index represents a significant step forward.

This discussion followed the SEC’s receipt of a second XRP ETF application from Canary Capital, the first being submitted by Bitwise Asset Management.

McCourt pointed out that the rollout of ETFs has notably accelerated growth in the crypto sector, correlating with increased trading volumes and open interest in futures.

While there is optimism surrounding a potential XRP ETF, its price has been struggling amid a broader crypto market rally. Meanwhile, the possibility of a Solana ETF is generating interest among investors, particularly following Brazil’s approval of its first Solana ETF in August.

Alejo Pinto, former IBM blockchain lead, suggested that U.S. approval of a Solana ETF could positively impact its price due to the current uncertainty around its potential. Others, like Manthan Dave of Palisade, predict that a Solana ETF might emerge by the end of 2024.