SBI Holdings, an asset management firm based in Japan with assets under management of $241 billion, has submitted an application for an ETF that offers exposure to both Bitcoin and XRP. If this product receives approval from regulators, it could be a precursor to greater institutional adoption of XRP in Japan and drive up prices.
It is noteworthy that the institution is also seeking a second ETF that combines cryptocurrencies and gold. This is also positive, as it creates a way to connect traditional financial assets with digital assets.
Additionally, in the U.S., these products could also receive the green light. Ripple's lawsuit against the SEC could be dismissed before August 15. If so, the next step is likely to be the approval of ETFs.
There are signs of a possible rebound, with institutions like SBI Holdings showing interest in these products, a rise towards $4 does not seem far-fetched.