Ripple’s XRP has been making waves in the cryptocurrency world, with its recent surge in value and growing adoption by major financial institutions. And now, it seems that XRP may be on the verge of another major milestone – receiving approval for a spot ETF.

According to Ripple president Monica Long, the company is confident that XRP will soon be approved for a spot ETF. This would make it the first cryptocurrency to receive such approval, and could potentially open the door for other cryptocurrencies to follow suit.

An ETF, or exchange-traded fund, is a type of investment vehicle that tracks the performance of a particular asset or group of assets. In the case of a spot ETF, the fund would hold physical XRP tokens, allowing investors to gain exposure to the cryptocurrency without actually owning it.

This news comes on the heels of a successful year for XRP, which saw its value increase by over 400%. The cryptocurrency has also been gaining traction among major financial institutions, with companies like MoneyGram and Santander using XRP for cross-border payments.

Long believes that XRP’s growing adoption and use case make it a strong candidate for an ETF approval. She also noted that Ripple has been working closely with regulators to ensure compliance and address any concerns they may have.

If XRP does receive approval for a spot ETF, it could have a significant impact on the cryptocurrency market. It would not only increase XRP’s legitimacy and credibility, but it could also attract more institutional investors and potentially drive up its value even further.

However, it’s important to note that there is no guarantee that XRP will receive approval for a spot ETF. The Securities and Exchange Commission (SEC) has been hesitant to approve any cryptocurrency-related ETFs in the past, citing concerns over market manipulation and lack of regulation.

But with XRP’s growing popularity and Ripple’s efforts to work with regulators, it’s possible that the SEC may see the potential for a spot ETF and give it the green light. Only time will tell, but one thing is for sure – all eyes will be on XRP as it continues to make its mark in the world of cryptocurrency.