Ripple, the blockchain payments company currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), is raising eyebrows in the cryptocurrency community with a recent job listing. The job opening for a Senior Manager for Business Development at Ripple includes a key responsibility: “drive cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.” This has led some to speculate that Ripple may be laying the groundwork for an XRP exchange-traded fund (ETF).
The crypto industry is closely watching Ripple’s moves, especially in the context of the legal challenges it faces. Many believe that clarity from the SEC in the ongoing legal dispute could pave the way for the approval of various cryptocurrency ETFs, not just limited to Bitcoin.
Eleanor Terrett of Fox Business highlighted the significance of the job posting, suggesting that the recruitment of an expert in ETF initiatives could be a preliminary step toward establishing an XRP ETF. However, she emphasized the need for a Ripple futures ETF as a prerequisite for the approval of an XRP spot ETF. This echoes the precedent set by the approval of Bitcoin futures by the Chicago Mercantile Exchange (CME), which played a crucial role in the SEC approving Bitcoin spot ETFs.
Crypto journalist Colin Wu and Bloomberg’s James Seyffart also pointed out the importance of the job posting in anticipation of an XRP ETF application. Seyffart emphasized the necessity of having XRP futures listed on a significant derivatives exchange, like CME, before the SEC’s potential approval of an XRP ETF. This is because a listed XRP futures contract would provide an underlying asset for the ETF to track, a critical requirement for regulatory approval.
Despite ongoing regulatory debates and challenges, XRP’s recent performance has seen fluctuations. Over the last 30 days, the coin has experienced a more than 16% loss in value. However, in the past 24 hours, XRP has seen a modest 1% price increase, accompanied by a 24-hour trading volume of $637.9 million. These developments suggest that Ripple is strategically positioning itself in the evolving crypto landscape, potentially preparing for the launch of an XRP ETF.
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