XRP & Solana: Crypto ETF Contenders After Trump’s Victory?

Key Points to Watch

• The potential filing of spot ETFs linked to XRP, Solana, and Cardano could drive the next wave of crypto ETFs.
• The U.S. election results may influence the Securities and Exchange Commission (SEC) stance on crypto ETF approvals.
• The success of Bitcoin ETFs has paved the way for further growth in the cryptocurrency ETF market.

Potential Crypto ETF Filings

Industry insiders are signaling a growing trend for new filings in the cryptocurrency ETF space. According to Nate Geraci, president of The ETF Store, the increasing interest in assets like Ripple’s XRP, Solana (SOL), and Cardano (ADA) could lead to the launch of spot ETFs linked to these cryptocurrencies. As more investors show interest in diversifying into altcoins, these assets are becoming prime candidates for ETF consideration.

Over the past month, discussions have emerged suggesting that the results of the U.S. presidential election could significantly affect the SEC’s regulatory stance towards crypto ETFs. If the SEC shifts its position on digital asset ETFs, approval rates and future guidelines could be impacted, potentially opening the door for XRP and SOL ETFs.

Community Response and Market Dynamics

Geraci’s comments were met with enthusiasm from many in the crypto community, but they also sparked some debate. One major point of contention was the omission of Dogecoin (DOGE) from the conversation. Memecoin enthusiasts were surprised that Dogecoin wasn’t included in the list of potential ETF candidates, especially given the growing popularity of DOGE.

The absence of DOGE may be attributed to the current market dynamics. Despite the growing interest in memecoins, Ethereum (ETH) ETFs have underperformed compared to Bitcoin’s, which may delay a broader focus on memecoin ETFs. Nonetheless, Ripple CEO Brad Garlinghouse expressed optimism in an October interview with Bloomberg TV, suggesting that cryptocurrency ETFs may eventually become more inclusive, with a broader range of digital assets considered for future filings.

Solana ETF Filings and Market Momentum

A significant development in the crypto ETF space came with Canary Capital’s recent S-1 filing with the SEC for a spot Solana ETF. This move marks an important step forward in the ongoing momentum for crypto ETFs, particularly with the rise of Solana as a prominent blockchain asset.

The growing traction of cryptocurrencies, combined with the potential impact of the U.S. election results, could set the stage for major changes in the regulatory environment. The election outcome and the evolving cryptocurrency market dynamics have already begun to influence the market. Following the news, Solana’s price rose by 5.12% in the past 24 hours, while Cardano (ADA) saw a 2.02% increase, and XRP gained 0.44%.

Although there was no direct mention of Dogecoin in the recent filings, the memecoin still saw a remarkable surge of over 20%, indicating the unpredictable and sometimes surprising movements within the crypto market.

Conclusion

The cryptocurrency ETF market is poised for growth, with XRP, Solana, and Cardano emerging as key candidates for future filings. The success of Bitcoin ETFs has set a positive precedent, and the evolving political and regulatory landscape could further accelerate the adoption of crypto ETFs. As the market continues to mature, we may soon see a more diverse array of cryptocurrencies, including Dogecoin, gaining approval for ETF listings. For now, industry insiders are watching closely as these developments unfold, with many hopeful for a more inclusive crypto ETF market in the near future.