Why There Will Be Several XRP & Solana ETF Filings This November?

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As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed numerous paradigm shifts and market fluctuations. The recent surge in Bitcoin, XRP, Solana, and other altcoins following Trump’s re-election has piqued my interest, as it seems to be a unique blend of politics, technology, and finance.

After Trump’s re-election, the value of Bitcoin and other digital currencies like Ripple (XRP) or Cardano (ADA) saw a significant increase due to anticipation of less stringent cryptocurrency regulations during his term. Furthermore, it is expected that new ETF proposals, including those for XRP and Solana, will be filed in November.

Many investors anticipate that his supportive stance on cryptocurrencies might lead to less stringent regulations, potentially spurring the approval of additional altcoin ETFs aside from Bitcoin and Ethereum. However, several issuers have chosen to wait until after the election, as they believe their ETF proposals may gain approval under a Trump presidency.

With speculation growing about SEC Chair Gary Gensler potentially stepping down and a pro-crypto replacement coming up, it’s becoming crucial for related filing submissions to gain prominence now.

Crypto Prices Soars on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled

Following Trump’s re-election, there has been a significant increase in the value of Bitcoin and other digital currencies like altcoins, fueled by anticipation that his administration would implement less stringent regulations for cryptocurrencies.

This week, Nate Geraci, the head of ETF Institute, anticipates a surge of new proposals for spot cryptocurrency ETFs. While the SEC has approved numerous spot Bitcoin and Ethereum ETFs in recent times, it has rejected most other applications. With renewed optimism following Trump’s appointment, according to Geraci, we might see applications for spot ETFs based on XRP, Solana, Cardano, and other alternative coins this week as well.

Prediction…

There will be several spot crypto ETF filings this week.

XRP, SOL, ADA, etc.

Assume multiple issuers were highly prepared for election results.

No downside to getting aggressive now.

— Nate Geraci (@NateGeraci) November 11, 2024

Geraci noted that numerous entities have been holding back, eagerly awaiting the outcome of the US election. Now that the results are clear, they’re ready to progress, confident that the Trump administration will facilitate the process of approving ETFs (Exchange Traded Funds). Even though the SEC has been reviewing applications for Solana and XRP, industry experts suggest that Trump’s re-election might increase the chances of approval for SOL and other altcoin ETFs.

Speculation swirls that Gary Gensler, the current head of the U.S. Securities and Exchange Commission (SEC), might be stepping down. In this event, individuals like Dan Gallagher, who serves as the chief legal officer at Robinhood, are being mentioned prominently as top contenders to take over from Gensler once he departs his position.

While serving on the commission, the SEC endorsed multiple Bitcoin ETF proposals. Amidst significant opposition from the cryptocurrency community, Gensler cast the decisive vote on multiple applications for these filings. Initially, Commissioners Jaime Lizárraga and Caroline Crenshaw aimed to halt the approval of Bitcoin ETFs.

Nevertheless, Gensler often aligned his votes with commissioners Mark Uyeda and Hester Peirce, who are both members of the Republican party. In an unexpected decision in May, he gave approval to several Ethereum ETFs, which began trading in July.

XRP ETF Filings Surge After Trump Win, Price Skyrockets

Following the initial filing, there’s been a flurry of upcoming altcoin Exchange-Traded Funds (ETFs). For instance, a Solana ETF proposed by VanEck is scheduled for July, and several other applicants have submitted requests for a XRP ETF that trades directly on the spot market.

21Shares, an asset management firm, has submitted an application for a Spot Ripple ETF, marking the third such application following those of Canary Capital and Bitwise. This filing, made on November 1, encompasses a Form S-1 for shares that would be tradable in the 21Shares Core XRP Trust. The Trust’s shares are intended to be listed and traded on the Cboe BZX Exchange.

The filing explains that the trust does not represent a direct exposure to XRP but will provide investors with indirect market access. After the news, Ripple CEO Brad Garlinghouse claimed the SEC has “lost its battle on cryptos.”

Over the past week, the value of XRP increased by approximately 15.7% and consistently surpassed the $0.50 level. At present, its market capitalization is around $33.6 billion. As suggested by Amonyx, an influential figure in the XRP community, technical indicators suggest that the price might reach around $260 – although this seems rather optimistic. A more plausible goal for the near future would be breaking the $1 mark during Q4 of this year.

The Next leg UP to ATHs Will be Very very FAST

U ready? #XRP

— Amonyx (@amonbuy) November 11, 2024

Currently, Solana’s (SOL) price is holding steady near $219, representing a 2.79% surge in value over the last day. Notably, it’s one of the top-performing assets among the top 20 cryptocurrencies by market capitalization, having experienced a substantial 34% growth over the past week. This remarkable weekly climb has put Solana in the spotlight for its robust upward trend.

Trump’s Re-Election Boosts Solana’s Bullish Outlook

During his political campaign, Donald Trump expressed a desire to establish the United States as a global center for cryptocurrencies. This goal encompasses his intention to remove Gary Gensler, the current head of the Securities and Exchange Commission (SEC), who he has criticized for being overly restrictive towards the crypto industry.

Due to a favorable attitude towards cryptocurrencies, there’s a possibility that this encourages traditional investors to consider investing in Exchange Traded Funds (ETFs) based on Solana. Historically, supportive regulations have boosted investor confidence, and the prospect of effective cryptocurrency policies during Trump’s administration could be a significant factor driving long-term investment in Solana.

As a crypto investor, I’m excitedly observing how Solana is carving out a niche for itself in a growing and more regulated cryptocurrency landscape. It’s expanding its use cases and aiming for sustainable growth.

The spike in Solana’s price beyond $220 is generating quite a buzz among investors, with some industry professionals predicting it may reach as high as $300 before the end of this year.

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2024-11-11 23:00