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Kaiko Research: XRP May Beat SOL, DOGE in for U.S ETF Race
The crypto market is abuzz with the prospect of a new spot ETF approval. In a recent report, Kaiko Research has shed light on the potential trajectory of this process. Notably, their findings suggest that Ripple’s XRP may potentially surpass Solana (SOL) and Dogecoin (DOGE) in securing a U.S. ETF listing.
As stated by the research firm, XRP leads all altcoins with an astonishing ten active ETF applications currently under review by the Securities and Exchange Commission (SEC). This stark difference from other prominent altcoins is noteworthy, as SOL has only filed five ETFs while DOGE and Litecoin (LTC) have submitted three each.
Furthermore, Kaiko’s analysis highlights XRP’s extraordinary market liquidity. With a higher “1% market depth” compared to its competitors, the research firm believes that this significant buying and selling activity close to the market price could potentially sway the SEC into approving an ETF. In contrast, SOL, DOGE, and LTC have not demonstrated such robust liquidity.
The launch of Teucrium’s leveraged XRP ETF (XXRP), seeking to double XRP’s daily return, is another crucial factor that may influence the commission’s decision. Although this product was approved before a basic spot ETF, experts argue that if a risky leveraged ETF can be permitted, there would be little reason for delaying a simple spot version.
The change in SEC leadership also plays a significant role in Kaiko’s predictions. With Paul Atkins now holding the position of Chair at the commission, some industry players see this shift as an opportunity to hasten and possibly more favorable ETF decisions. This prospect is particularly encouraging given that major cryptocurrency exchanges such as Grayscale, VanEck, and Bitwise have already submitted their spot crypto ETF applications with XRP being one of them.
Lastly, a crucial date awaits the market: May 22. On this day, the SEC will respond to Grayscale’s XRP ETF application, which could ultimately shape the trajectory of other altcoin ETF filings.
Source: https://coinpedia.org/news/kaiko-research-xrp-may-beat-sol-doge-in-for-u-s-etf-race/
