XRP has been hit badly due to a recent power outage and subsequent liquidation drive due to panic. Therefore, the news of any positive development of XRP is surely a welcome sound to investors. On Friday, February 7th, Fox business journalist Eleanor Terret confirmed that investors will soon be able to buy XRP depository receipts. These receipts can be accessed via Receipt Depo and DWP advisors.
Terret said, “The XRP DR represents ownership of the underlying $XRP without investors having to buy the asset directly via a crypto exchange. The benefits are similar to those of an ETF where investors can gain exposure to an asset without having to buy it directly through a foreign exchange or a crypto exchange.”
US XRp-Spot ETFs Are Next In Cards?
Another important development was the SEC’s appeal to bring XRP ETFs to the US. This could change the dynamic of the XRP trading landscape as it will make trading this token easier and more flexible. The application was submitted on February 6th by the Chicago Board Options Exchange (CBOE) to the SEC. The filing sought approval for platforms like wisdomTree, Canary Funds, 21Shares, and Bitwise.
However, industry experts like the CIO of Bitwise believe that there is a certain disconnect between long-term investors and retail investors. The expert stated, ‘There is an absolutely massive disconnect between retail and professional sentiment in crypto right now. Retail sentiment is the worst it’s been in years, while professional investors are extraordinarily bullish. It’s like living in two completely separate worlds.’
This could be an alarming point to note. This means XRP could grow in the upcoming year. However, it will still face some challenges. Unless the chasm between the two worlds is not closed up properly. Follow us for more crypto news.
