XRP Emerges as Leading Candidate for SEC Spot ETF Approval

According to BlockBeats, analysts from the crypto research and data platform Kaiko suggest that superior market liquidity and the recent launch of Teucrium's 2x leveraged product position XRP as a leading asset for the next spot ETF approval by the U.S. Securities and Exchange Commission (SEC), following Bitcoin and Ethereum. As the industry anticipates the appointment of crypto-friendly Paul S. Atkins to replace the outgoing SEC Chairman Gary Gensler, who resigned after Senate confirmation last week, several asset management companies, including Bitwise, Grayscale, and VanEck, have submitted more crypto-related ETF applications in recent months. The decision deadlines for these applications are approaching rapidly. Kaiko's data indicates that XRP leads active ETF applications with ten submissions, followed by Solana with five applications, and Litecoin and Dogecoin with three each. XRP boasts the highest average altcoin 1% market depth on major centralized crypto trading platforms, indicating a substantial number of buy and sell orders near the current market price. This contributes to a stable market environment and reduces slippage, making it one of the most liquid assets. Kaiko analysts noted in a Monday report that a highly liquid spot market is crucial for creating efficient structured products, a factor that the previous SEC leadership was particularly sensitive to.