As the upcoming presidential inauguration of Donald Trump and the anticipated departure of Gary Gensler come near, interest in XRP, Solana (SOL), and Litecoin (LTC) exchange traded funds (ETFs) has increased.
According to ETF specialist Nate Geri, an increased number of asset managers have applied for various certificate funds based on crypto assets.
In the last 48 hours, ProShares, VanEck, and Canary have filed applications for digital asset backed ETFs, which have made headlines within the industry.
Market Analyst Claims SOL, LTC, & XRP ETF Applications
Nate Geraci mentioned in his X post dated January 18 that there was activity in the crypto space concerning seven applications pertaining to digital asset backed ETFs in the past 48 hours.
In particular, the XRP, SOL, and LTC ETF filings appear to have attracted the most attention. ProShares leveraged & Inverse XRPs ETF and XRP Futures ETF along with Solana Futures ETF filings were made by Geraci while a Litecoin ETF (19b-4) was filed by Canary.
In addition to that, there have been filings for VanEck Onchain Economy ETF, Oasis Capital Digital Asset Debt Strategy ETF, and CoinShares Digital Asset ETF.
All these filings come in the wake of the optimistic sentiment surrounding the pro crypto Donald Trump’s presidential inauguration on January 20.
Market Sentiment on ETFs Swings Positively With Gary Gensler’s Farewell
The recent development portrays how with Gary Gensler completing his term as U.S. Securities and Exchange Commission Chair last Friday, the market perspective toward uncertainty around crypto regulations, in general, have changed quite a lot. Following this timeline, both Ripple CLO , Alderotys comments and the reactions from the XRP community have been clearly positive.
In the opinion of a lot of people, including Bill Morgan, the recent action taken by the US SEC in trying to escalate the matter against Ripple through the recent filing of a brief could be the reason why the champion of the XRP lawsuit, Gensler is no longer in office.
In addition, Nate Geraci seems to have been ahead of the curve in anticipating an approval for XRP and Solana toggle ETFs now that the regulatory environment appears to be shifting. Especially following the appointment of US SEC chair Paul Atkins, who came on board during Trump’s presidency, optimism in the crypto market remains.
Also, piviting from concerns over potential ETF launches, analysts at JPMorgan were more optimistic indicating that SOL’s and XRP’s backed ETPs could attract nearly $15 billion in inflows within one year. In the context of these developments, the filings have generated significant interest throughout the industry irrespective of the activity that was being witnessed.
How The Cryptos are Moving?
XRP’s current price is $3.15 as of the today, which is 5% lower than yesterday’s value. Its last twenty four hours’ price ranges were $3.09 and $3.34.
On the other hand, SOL’s price increased by 11% and is currently at $236.41. The low and high for the day so far were $212.44 and $237.66, respectively.
All these positives are propelling the market to be very optimistic about the eventual price trajectory of cryptocurrencies considering XRP has filed for an ETF along with Solana – their applications are likely to be granted
As were those of BITO and the other futures ETFs. Besides, the newly elected pro crypto Trump’s expectations will also boost the bullish sell side on XRP, SOL, LTC and other coins as well.
