Oh, the Absurdity of It All!
Behold, the grand spectacle of the first U.S. spot XRP ETF, a tale of delays, whimsy, and the eternal struggle to conquer the $3 dragon! 🐉
In a twist befitting a Gogol novella, the much-anticipated Dogecoin [DOGE] and spot Ripple [XRP] ETFs by the illustrious REX Osprey have been banished to the 18th of September. Ah, the bureaucracy of it all! 📅
Bloomberg’s sage, James Seyffart, emerged from the mists of confusion to proclaim, “Not on the 12th, dear souls, but next week!” 🧙♂️ He further elucidated that these ETFs are no ordinary creatures but RIC’s (registered investment companies), a breed apart from their Fidelity and Bitwise cousins. 🧬
Seyffart, with a wink and a nod, declared:
“These will be structured as RIC’s, so not identical to either $SSK or the current BTC & ETH ETFs out there in the market. A peculiar beast, indeed!” 🦄
REX Osprey, ever the cunning strategist, has chosen the path of least resistance, bypassing the labyrinthine 19b-4 process of the Securities Act of 1930 (30-Act). Alas, this shortcut comes with its own curse: tax inconveniences! 😱
Thus, the Solana [SOL] ETF was transformed into a RIC, a necessary sacrifice to outpace the competition. 🧛♂️
The XRP ETF: A Farce or a Triumph?
Seyffart, ever the oracle, revealed that the product shall be a spot ETF, yet with a twist-it may dabble in other ETFs and derivatives when the mood strikes. 🌪️
“They will hold spot. Just not for 100% of their holdings. The fund’s goal is almost all spot exposure, but the documents allow for flexibility to use derivatives if needed. A true chameleon of finance!” 🦎
Amidst this financial ballet, XRP holders have displayed a stoicism worthy of a Gogol protagonist. Retailers, in particular, have clung to their tokens with the tenacity of a bureaucrat to his paperwork, despite a recent surge in exchange reserves. 🛡️
Whales, however, have been less enamored with the ETF hype, offloading an average of 40 million XRP daily since July. Are they fleeing the circus, or merely biding their time? 🤔
Whether they will return to the fray before the ETF’s grand debut remains a mystery wrapped in an enigma, smothered in borscht. 🥣
On Binance, top traders have donned their rose-tinted glasses, increasing their long positions from 68% to 72% since the 9th of September. Bullish? Or merely delusional? 🤡
Thus, the XRP market stands divided-whales on one side, retailers on the other, like characters in a Gogol farce awaiting the curtain call of the first U.S. spot ETF. 🎭
On the price charts, XRP appears poised to continue its 11% recovery in September. Yet, the $3 overhead supply zone looms like a nosy neighbor, ready to spoil the party. 🎈
The daily RSI, however, remains unperturbed, showing no signs of an overheated market-at least, not yet. 🌡️
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2025-09-12 14:36