XRP and Cardano Are Poised for a Market-Moving Bullish Quake as Solana ETF Wave Gains Momentum ⋆ ZyCrypto

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VanEck and 21Shares’ filing for Solana exchange-traded funds could open the door for more cryptocurrency ETFs in the US, according to a report from GSR.

The market maker noted that Solana had managed to carve out a strong position among the big three in the crypto space. However, it was only a matter of time before other digital assets like Cardano and XRP joined the fray.

Will XRP and Cardano ETFs be next?

The GSR report pointed to two key factors that will determine the next crypto fund: the level of decentralization and potential demand.

“The level of decentralization could be key to determining whether a digital asset gets an ETF,” the report said, adding that most public blockchains become decentralized over time.

GSR gave an example of this with the Cardano blockchain. The blockchain is set to become more decentralized with an upcoming upgrade known as the Voltaire era, which will decentralize governance on the Cardano network.

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Currently, Cardano’s decentralization score is negative, according to GSR. However, with Charles Hoskinson promising an upgrade later this month, this score is likely to rise, increasing the chances of an immediate Cardano ETF being approved.

Demand is another factor that influences the approval of the next cryptocurrency spot ETF. XRP ranks fourth in the demand analysis after Ether, Solana, and NEAR.

An immediate XRP ETF is likely because issuers will likely apply for ETF products they believe will see high demand. XRP is one of the most popular digital assets in the cryptocurrency industry, which could be attractive to issuers.

“While original crypto issuers may apply for a good number of spot digital asset ETFs, we believe larger issuers will likely focus on just one or two with enough decentralization and high potential demand to identify the next digital asset,” GSR said.

Changing the regulatory framework in the United States would pave the way for more ETFs.

In its report, GSR also mentioned that the US regulatory framework was changing. While some believed that another altcoin fund would not be listed on the US market due to the lack of a futures market, the market maker believes that the US regulatory framework is about to change.

She noted that former US President Donald Trump has emerged as a strong supporter of the cryptocurrency industry. Additionally, Democrats are also softening their stance against digital assets in an attempt to attract crypto votes.

If the next US administration chooses a liberal SEC commissioner, it could pave the way for the launch of several instant digital ETFs.

Eric Balchunas, an ETF analyst at Bloomberg, agreed, saying that a pro-crypto SEC commissioner would bring more crypto ETFs to the United States.

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