Ripple hiring ETF expert; What’s next for XRP?
Blockchain firm Ripple, behind XRP, appears to be preparing for potential involvement in the exchange-traded fund (ETF) space, as a recent job advertisement indicates.
Through a posting on its website, the company is actively seeking a Senior Manager, Business Development focusing on institutional decentralized finance (DeFi). Among the responsibilities outlined in the role is the drive to spearhead cryptocurrency-related ETF initiatives in collaboration with internal trading teams and relevant partners.
Notably, speculations about an XRP ETF have surfaced recently following the approval of a spot Bitcoin (BTC) ETF.
Following the publication of the job advert, Fox Business reporter Eleanor Terrett, in an X (formerly Twitter) post on January 27, hinted that the ETF job posting might indicate Ripple’s trajectory towards a spot ETF.
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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 eventual approval of a spot ETF, similar to the pattern observed with Bitcoin.
Regarding the prospect of an XRP ETF, BlackRock (NYSE: BLK), the world’s largest investment firm, was initially linked to applying such a product. However, the company subsequently ruled out the possibility, citing ongoing legal battles between the SEC and Ripple.
It is important to note that Ripple secured a partial victory in court after XRP was declared not to be a security in the legal proceedings. Nevertheless, uncertainty surrounds the status of XRP, given the potential for further appeals.
As the legal case unfolds, the regulator is currently seeking access to Ripple’s financial statements, a matter objected to by the blockchain firm.
Impact of possible ETF on XRP
The possible introduction of an XRP ETF creates both excitement and uncertainty. On the positive side, it could attract new investors and institutional giants, leading to a surge in XRP prices.
However, regulatory challenges and skepticism from influential financial entities like BlackRock add a layer of uncertainty. The overall market sentiment may also play a role, impacting XRP’s journey.
Predicting the ETF’s ultimate impact remains challenging – it could either propel XRP to new heights or have a more subdued effect. Factors like the type of ETF, competition from other cryptocurrencies, and technical Analysis will influence its outcome.
XRP price analysis
Meanwhile, the price of XRP continues to trade in accordance with overall market sentiments. Recently, the token has been at risk of falling below the $0.50 support zone following several consecutive days of losses. By press time, XRP was valued at $0.53, reflecting a gain of over 2% in the last 24 hours. On the weekly chart, XRP shows a 3% decrease.
In terms of technical Analysis, bearish sentiments dominate XRP. A one-day gauge summary aligns with a ‘sell’ sentiment at 14, while moving averages suggest a ‘strong sell’ at 13. On the other hand, oscillators are ‘neutral’ at 9.
Although XRP has made gains in the short term, several market participants have suggested that the token is at risk of further correction, citing elements such as the impact of centralization.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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