Pro-XRP lawyer John Deaton is in a joyous mood ahead of July 18, with the legal expert reminiscing about how XRP has come a long way. This date is important as it could see the launch of another fund which provides exposure to the altcoin.
Pro-XRP Lawyer Comments On July 18 ETF Launch Date
In an X post, John Deaton reacted to the news that ProShares XRP ETF will launch on July 18. The Pro-XRP lawyer noted how two years ago, a federal judge declared that the altcoin itself is not a security. He added that this is what the 75,000 XRP holders, who were part of his amicus brief, fought for.
Deaton remarked that two years later, XRP ETFs go live. He then alluded to how this is a big win for the free markets. The ProShares XRP ETF is likely to launch on July 18, according to the firm’s filing with the SEC. This is bullish for the altcoin, given the amount of capital that would flow into its ecosystem through this fund.
As the Pro-XRP lawyer indicated, the altcoin has been able to record these milestones of ETF launches thanks to Judge Analisa Torres’ ruling in the XRP lawsuit. This provided clarity for institutions on XRP’s status and prompted them to move to gain exposure to the altcoin. The clarity has also served as a catalyst for higher prices for the altcoin.
Meanwhile, the ProShares XRP ETF is a futures-based fund and not a spot ETF, which would provide investors with direct exposure to the altcoin. The fund will invest in futures and derivatives contracts that have XRP as the underlying asset, thereby providing indirect exposure to investors.
Canada XRP ETF Achieves Major Milestone
In an X post, 3iQ announced that its Ripple-backed XRP ETF, Canada’s largest XRP fund, has accumulated over $50 million in client assets since its launch on June 18. The asset manager’s CEO, Pascal St-Jean, stated that this significant milestone for their XRP ETF demonstrates the continued strong interest in these assets. This also highlights the potential interest that these spot funds could generate once they launch in the US.
The US spot XRP ETFs are expected to launch this year, based on predictions by Bloomberg analysts James Seyffart and Eric Balchunas. These analysts predict a 95% chance that the SEC will approve these funds this year.
Furthermore, market expert Nate Geraci noted that Ripple’s decision to drop its cross-appeal in the XRP lawsuit could clear the way for these XRP funds. The SEC is also expected to drop its appeal in the legal battle, which is bullish for the altcoin.
At the time of writing, the XRP price is trading at around $2.87, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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