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#HighlightPosts Critical date for XRP: May 22: “The closest candidate to receive approval”
XRP is the closest candidate to receive spot ETF approval after Bitcoin and Ethereum. Supporting this claim with two reasons, the company drew attention to the date of May 22, 2024.
The crypto research firm suggests that XRP is the most likely candidate for spot ETF approval after Bitcoin and Ethereum. According to the latest report published by the firm, XRP’s “superior liquidity” as well as the recent launch of a leveraged XRP ETF in the US pave the way for this.
XRP’s market depth has increased rapidly
The report emphasized that XRP’s market depth has increased rapidly since the end of 2024, surpassing SOL and reaching twice that of ADA. It was also stated that the spot trading volume on US exchanges is approaching the level before the large-scale delisting decisions following the lawsuit filed in 2020. It was noted that SOL has experienced a steady decline in its market share in the US, and this rate is currently at 16 percent, compared to 25-30 percent in 2022. “This improvement in market dynamics and the double-leveraged XRP ETF launched last week put XRP one step ahead of other assets in terms of approval. On the other hand, some tokens such as LTC, which have a very similar mechanism to BTC and have characteristics close to commodities, may also have an advantage in getting approval in a similar way,” he says.
May 22 is extremely important.
The SEC officially put XRP spot ETF applications on its agenda along with other cryptocurrencies at the end of February. May 22 stands out as a critical date. The SEC, which gave the green light to Teucrium’s leveraged XRP ETF, must respond to Grayscale’s XRP spot ETF application by this date.