First major step taken toward XRP ETFs: CME director
2024-10-16

Following the debut of the first cryptocurrency-based exchange-traded funds (ETFs) in the United States, investors are now anticipating the next digital asset trading product. 
When asked about the possibility of an XRP XRPUSD ETF, Tim McCourt, the senior managing director at CME Group, said that the first major step had already been paved.
During a panel discussion at Ripple Swell 2024, McCourt said:
McCourt’s comments come a week after the US Securities and Exchange Commission received its second application for an XRP ETF from Canary Capital, according to Bloomberg ETF analyst Eric Balchunas. 
Canary was the second provider to file an application for an XRP ETF, following Bitwise Asset Management.
ETFs speeding up crypto industry growth
The advent of the first spot Bitcoin BTCUSD and Ether ETHUSD ETFs has marked a turning point for the cryptocurrency industry, helping to legitimize the sector.
McCourt said the introduction of ETFs has significantly accelerated the growth of the industry: 

Despite the enthusiasm around a potential XRP ETF, the token’s price has been struggling to gain momentum despite a wider crypto market rally.
Over the past year, the XRP price rose just over 8%, while Bitcoin’s price rose over 154% during the same period, according to Cointelegraph data.
ETFs can significantly bolster the price of the underlying cryptocurrency. For Bitcoin, spot ETFs accounted for about 75% of new investment in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.
XRP or SOL ETF first?
Beyond XRP, the likelihood of a spot Solana SOLUSD ETF has created significant excitement among cryptocurrency investors, who expect it to be a potential price catalyst.
Brazil’s first Solana ETF was approved on Aug. 7, setting a precedent for other global jurisdictions.
While a US-based spot Solana ETF remains uncertain, its unlikely prospect makes it a strong price catalyst in case of a potential approval, according to Alejo Pinto, former IBM blockchain growth lead and founder of Solana layer-2 network Lumio.
Pinto told Cointelegraph:
Others, including Manthan Dave, the co-founder of Palisade, a Ripple-backed digital asset custody platform, expect a potential Solana ETF as soon as the end of 2024.