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Pro-XRP attorney John Deaton is feeling ecstatic as July 18 approaches, reflecting on how far XRP has progressed. This date holds significance as it may witness the initiation of another fund that offers exposure to the altcoin.
Pro-XRP Attorney Remarks On July 18 ETF Launch Date
In an X post, John Deaton responded to the announcement that ProShares XRP ETF will debut on July 18. The Pro-XRP attorney pointed out how two years prior, a federal judge affirmed that the altcoin itself is not classified as a security. He emphasized that this is what the 75,000 XRP holders, involved in his amicus brief, advocated for.
Deaton noted that fast-forward two years, XRP ETFs are being launched. He then hinted at how this represents a significant victory for free markets. The ProShares XRP ETF is projected to commence on July 18, according to the firm’s submission to the SEC. This is optimistic for the altcoin, given the influx of capital expected to flow into its ecosystem via this fund.
As indicated by the Pro-XRP lawyer, the altcoin has successfully achieved these ETF launch milestones thanks to Judge Analisa Torres’ ruling in the XRP lawsuit. This ruling clarified XRP’s status for institutions, prompting them to seek exposure to the altcoin. The clarity has also acted as a catalyst for elevated prices of the altcoin.
At the same time, the ProShares XRP ETF is a futures-based vehicle and not a spot ETF, which would grant investors direct access to the altcoin. The fund will engage in futures and derivatives contracts that utilize XRP as the underlying asset, thus providing indirect exposure to investors.
Canada XRP ETF Reaches Significant Milestone
In an X post, 3iQ announced that its Ripple-supported XRP ETF, Canada’s largest XRP fund, has amassed over $50 million in client assets since its launch on June 18. The asset manager’s CEO, Pascal St-Jean, remarked that this notable milestone signifies continued strong interest in these assets. This also emphasizes the potential enthusiasm these spot funds could attract once they debut in the US.
The US spot XRP ETFs are anticipated to commence this year, according to forecasts by Bloomberg analysts James Seyffart and Eric Balchunas. These analysts predict a 95% likelihood that the SEC will greenlight these funds this year.
Moreover, market authority Nate Geraci highlighted that Ripple’s choice to forgo its cross-appeal in the XRP lawsuit may pave the way for these XRP funds. The SEC is also expected to withdraw its appeal in the legal dispute, which is favorable for the altcoin.
At the time of this writing, the XRP price is fluctuating around $2.87, reflecting a decrease of over 2% in the past 24 hours, as per data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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