The 'Impossible Triangle' of #XRPETF : 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 Custodial Dilemma:

- 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 burning custodial tokens, but Ripple's lock-up mechanism has not clearly supported this operation.

2️⃣ Liquidity Layering Risk:

- The XRP spot market lacks depth (the current Binance order book spread is 3 times that of BTC), ETF market makers may face high slippage costs, leading to management