#XRPETF Ripple Labs holds over 50 billion XRP (accounting for 50% of total supply). Traditional ETF requirements mandate strict separation between the issuer and asset issuer, making it a significant compliance challenge to prove 'decentralization'.

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

2️⃣ Liquidity Layering Risk:

- The XRP spot market lacks depth (the current order book spread on Binance is three times that of BTC), and ETF market makers may face high slippage costs, leading to management fees soaring to over 1.5% (compared to IBIT's 0.25%).

- After U.S. trading platforms delisted XRP due to lawsuits, liquidity has become highly concentrated in Asian markets, and time zone differences may trigger significant fluctuations in ETF net asset value.

3️⃣ Ecological Reflexivity Trap:

- Capital inflows into the ETF may strengthen Ripple's control over XRP supply (such as unlocking tokens through custodial mechanisms), forming a 'centralization paradox' that undermines long-term value narratives.