[Analysis] "XRP Likely to be the Next Virtual Asset Spot ETF"

Amid changes in the cryptocurrency policy stance of the U.S. Securities and Exchange Commission (SEC), there is an opinion that XRP is the most likely asset for the next virtual asset spot Exchange-Traded Fund (ETF) launch.

According to The Block on the 15th (local time), Kaito stated in a report that "XRP is in the most advantageous position for approval of a virtual asset spot ETF," and "it will be the third virtual asset spot ETF to be launched following Bitcoin (BTC) and Ethereum (ETH)."

Analysts focused on the liquidity and ETF interest of XRP. The report stated, "XRP has the largest market depth (total amount of buy and sell orders within 1% of the market price on the order book) on major exchanges," and "currently, there are as many as 10 applications for XRP spot ETFs, recording the highest number of applications."

The leveraged ETF launched on the 8th (local time) is also a positive factor. The report stated, "If the SEC claims that the XRP spot ETF is risky, it is not convincing," and "the launch of Teucrium's leveraged XRP ETF is a factor that can refute this." Since a leveraged ETF, which is riskier than a spot ETF, has already been launched, it is explained that the SEC is unlikely to reject the approval of the XRP spot ETF based on its risk.

Meanwhile, the SEC must submit a response to the Grayscale XRP spot ETF application by May 22 (local time).

As of 9:38 PM, XRP is trading at $2.16, up 0.31% from 24 hours ago, based on the Binance USDT market.