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| Source: Coinmagzine |
Blockchain company Ripple, creator of XRP, seems to be exploring potential involvement in the exchange-traded fund (ETF) space, according to a recent job posting. The company is actively seeking a Senior Manager, Business Development focusing on institutional decentralized finance (DeFi), with responsibilities including leading cryptocurrency-related ETF initiatives in collaboration with internal trading teams and partners. Speculations about an XRP ETF have emerged following the approval of a spot Bitcoin (BTC) ETF.
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| Source: Ripple |
Fox Business reporter Eleanor Terrett suggested in a post that the ETF job posting might signal Ripple's move towards a spot ETF. She drew parallels between the Securities Exchange Commission (SEC) approach to Bitcoin and XRP, proposing that a futures ETF for XRP could potentially pave the way for approval of a spot ETF.
BlackRock, initially linked to applying for an XRP ETF, later ruled out the possibility due to ongoing legal battles between the SEC and Ripple. Ripple secured a partial victory in court after XRP was declared not to be a security. However, the uncertain status of XRP remains, pending potential further appeals.
The introduction of an XRP ETF could attract new investors and institutional interest, potentially leading to a surge in XRP prices. However, regulatory challenges and skepticism from financial entities like BlackRock introduce uncertainty. The overall market sentiment, along with factors like the type of ETF, competition from other cryptocurrencies, and technical analysis, will impact the ETF's outcome.
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| Source: TradingView |
As for XRP's price analysis, it currently trades in line with overall market sentiments. While the token has faced risks of falling below the $0.50 support zone, it currently stands at $0.53, showing a gain of over 2% in the last 24 hours. Technical analysis suggests bearish sentiments dominate XRP, with oscillators in a 'neutral' position.
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