Altcoin

Why There Will Be Several XRP & Solana ETF Filings This November?

Published

2 days ago

November 11, 2024

Coin2049 Newsletter

Since Trump’s re-election, Bitcoin and other altcoins such as XRP or even ADA price surged on expectations of less strict cryptocurrency regulations during his administration. Several new ETF filings, among which are XRP and Solana, are expected during November.

Many investors hope his favorable attitude toward cryptocurrencies will translate to laxer policies, perhaps encouraging more spot altcoin ETFs beyond Bitcoin and Ethereum. However, many issuers have been holding off until after the election, believing that many could see their ETFs pass under a Trump administration.

As discussions swirl around the possible departure of SEC Chair Gary Gensler and an incoming crypto-friendly successor, the timing is ripe for such filings taking center stage.

Crypto Prices Soars on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled

Since Trump’s re-election, Bitcoin and other altcoins have surged on expectations of less strict cryptocurrency regulations during his administration.

Recently, the CEO of ETF Institute, Nate Geraci, expects an array of new applications for spot cryptocurrency ETFs this week. Although the SEC has certified many spot Bitcoin and Ethereum ETFs in recent years, it has denied most of the rest. With hope rejuvenated following Trump’s appointment, says Geraci, applications for spot ETFs on XRP, Solana, Cardano, and other altcoins could be in this week as well.

Prediction…

There will be several spot crypto ETF filings this week.

XRP, SOL, ADA, etc.

Assume multiple issuers were highly prepared for election results.

No downside to getting aggressive now.

— Nate Geraci (@NateGeraci) November 11, 2024

Geraci added that many issuers have been waiting on the US election results and are now poised to move forward, believing Trump’s administration will smooth the path for ETF approvals. Though the SEC already has applications for Solana and XRP under review, experts say Trump’s election raises the likelihood of approval for the SOL and other altcoin ETFs.

With rumors that the head of the US Securities and Exchange Commission, Gary Gensler, is about to leave office, names such as Dan Gallagher, chief legal officer at Robinhood, among others, have emerged at the fore as the first choices to replace Gensler after he leaves office.

During his stint on the commission, the SEC approved several Bitcoin ETFs. Gensler gave the deciding vote to the repeated filings in the face of massive protests from the crypto community. Commissioners Jaime Lizárraga and Caroline Crenshaw had initially moved to block the Bitcoin ETF approvals.

However, Gensler consistently voted with commissioners Mark Uyeda and Hester Peirce, both Republicans. He pulled off a surprise move in May when he approved multiple spot Ethereum ETFs that started trading in July.

XRP ETF Filings Surge After Trump Win, Price Skyrockets

As filed, a spate of other altcoin ETFs is on its way, including a July VanEck filing for a Solana ETF, while multiple issuers have submitted applications for a spot XRP ETF.

Asset manager 21Shares has filed a spot XRP ETF, the third such filing after Canary Capital and Bitwise. This came on November 1 and included a Form S-1 for shares to be issued and traded in 21Shares Core XRP Trust, which was to be listed and traded on the Cboe BZX Exchange.

The filing explains that the trust does not represent a direct exposure to XRP but will provide investors with indirect market access. After the news, Ripple CEO Brad Garlinghouse claimed the SEC has “lost its battle on cryptos.”

The value of XRP was up 15.7% over the week and consistently stayed above the $0.50 threshold. Its market cap currently stands at $33.6 billion. According to Amonyx, an XRP influencer, technical indicators point towards the price touching a mark of $260. That sounds too ambitious, and a realistic target in the near term would be breaking $1 this Q4.

The Next leg UP to ATHs Will be Very very FAST

U ready? #XRP 👀🔥 pic.twitter.com/gDLLTeSzxs

— Amonyx (@amonbuy) November 11, 2024

SOL price is currently hovering around $219, marking a 2.79% increase in the last 24 hours. It’s also one of the top-performing assets among the top 20 cryptocurrencies by market cap, boasting a significant 34% gain over the past week. This impressive weekly rise has positioned SOL as a standout in the market, drawing attention for its strong upward momentum.

Trump’s Re-Election Boosts Solana’s Bullish Outlook

Throughout his campaign, Trump has uttered the ambition to make the US the world’s hub of cryptocurrency. This ambition also involves promise to replace the current chairman of the SEC, Gary Gensler, whom he has criticized for being too hard on the crypto sector.

Given the crypto-friendly stance, this could further encourage conservative investors to invest in Solana-based ETFs. On many occasions, supportive legislation has invited market confidence, and the potential for effective cryptocurrency policies under Trump’s administration could be one of the drivers for long-term investment in Solana.

While regulators are moving toward a more concrete regulatory environment, Solana is setting up for broader use cases and more sustained growth.

Solana’s recent surge above the $220 level has been considered the excitement point for many in the market. Some experts even suggest that Solana could surge to as high as $300 by the close of the year.