#XRPETF #XRPETF #XRPETF 's "Impossibility Triangle": The Ultimate Test of Law, Liquidity, and Ecological Game】

💡 In-depth Perspective: If the XRP Spot ETF is approved, it will face three unique challenges that far exceed the complexity of BTC/ETH ETFs:

1️⃣ Custody Predicament:

- Ripple Labs holds over 50 billion XRP (accounting for 50% of total supply), traditional ETFs require strict separation between the issuer and the asset issuer, how to prove "decentralization" becomes the biggest compliance obstacle.

- Referring to the Grayscale GBTC model, the XRP ETF may need to commit to periodically destroying custody tokens, but Ripple's lock-up mechanism has yet to clearly support this operation.

2️⃣ Liquidity Layering Risk:

- The depth of the XRP spot market is insufficient (the current Binance order book spread is three times that of BTC), ETF market makers may face high slippage costs, leading to management