Key Takeaways:

关键要点：

* Superior market liquidity and Teucrium’s recent launch of a 2x leveraged product could position the anticipated spot XRP ETF for SEC approval ahead of competitors Solana (SOL) and Dogecoin (DOGE).

*高级市场流动性和Teucrium最近推出的2倍杠杆产品可以将预期的现货XRP ETF定位为SEC​​批准，以竞争竞争对手Solana（Sol）和Dogecoin（Doge）。

* According to a report by crypto research and data platform Kaiko regarding spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission, Ripple Labs’ affiliated token leads all other altcoins by the number of ETF filings. XRP has at least 10 different filings, followed by Solana, which is in second place, with filings by five ETF issuers.

*根据Crypto研究和数据平台Kaiko的一份报告，关于美国证券交易委员会的现货交易所交易基金（ETF）批准，Ripple Labs的附属令牌由ETF文件的数量领导所有其他Altcoins。 XRP至少有10种不同的文件，其次是Solana，该文件位于第二位，由五个ETF发行人提交。

* Compared to Bitcoin, whose spot ETF approval by the SEC followed Grayscale’s legal victory, highlighting the regulator’s inconsistency on the futures and spot markets under Gary Gensler’s stewardship, XRP operates in a different way. The Ripple-affiliated token doesn’t run a robust futures market, while its trading volume is mainly offshore.

*与比特币相比，比特币在Grayscale的法律胜利之后得到了SEC的现货ETF批准，强调了监管机构在Gary Gensler的管理下对期货和现货市场的不一致之处，XRP以不同的方式运作。涟漪附属的令牌并不能运行强劲的期货市场，而其交易量主要是离岸的。

* XRP’s US spot Market Share has recently surged since the SEC’s 2021 lawsuit triggered delistings. On the other hand, SOL’s US market share has slipped to 16% from a 2022 peak of 25–30% over the same period.

* XRP的美国现货市场份额最近自SEC 2021诉讼引发了脱口秀以来。另一方面，从同一时期的2022年峰值为25–30％的峰值，SOL的美国市场份额已下跌至16％。

* The launch of a 2x XRP ETF by Teucrium, a US asset manager that mainly tracks European ETPs and swap agreements, has further skyrocketed the spot XRP ETF’s chances for SEC approval. The firm aims to deliver twice XRP’s daily returns. Teucrium Investment Advisors launched a 2x leveraged XRP ETF earlier this month.

*美国资产经理Teucrium推出了2x XRP ETF，该资产经理主要跟踪欧洲ETP和交易协议，进一步飙升了XRP ETF的SEC批准机会。该公司的目标是提供两次XRP的每日回报。 Teucrium Investment Advisors本月初推出了2倍杠杆XRP ETF。

* Onchain data shows that the asset manager garnered over $5 million in volumes on debut day to become the provider’s “most successful launch.” As per the report from Kaiko:

* OnChain数据显示，首次亮相日，资产经理获得了超过500万美元的款项，成为了提供商的“最成功的发布”。根据Kaiko的报告：

“This underlying market’s improving dynamics and the launch of a 2x XRP ETF last week position XRP ahead of other assets when it comes to approval […] although some tokens, such as LTC, which have very similar consensus mechanisms to BTC and share similarities to commodities, could also have a clear path to approval.”

“这个基本市场的改善动态和上周的2x XRP ETF的推出在批准方面的其他资产之前XRP […]领先于其他资产[…]，尽管有些令牌（例如LTC）与BTC具有非常相似的共识机制，并且与BTC具有非常相似的共识机制，并且与商品具有相似之处，也可能有明确的批准途径。”

* According to the Kaiko analytical report, May 22 is the next important date to watch, as the SEC must respond to Grayscale’s spot XRP filing by then. The report says:

*根据Kaiko Analytical报告，5月22日是下一个重要日期，因为SEC必须在当时对Grayscale的Spot XRP提交。报告说：

“Since [Teucrium’s] leveraged ETF relies on returns from European ETPs and swap agreements to guarantee twice the daily returns of XRP, it’s hard to see how a spot product is more risky and therefore diminishes most arguments for denying these applications.”

“由于[Teucrium的]利用ETF依靠欧洲ETP的回报和交换协议来保证XRP的每日回报的两倍，因此很难看到现货产品如何更风险，因此减少了拒绝这些应用程序的大多数论点。”

* Some Cautious Optimism

*一些谨慎的乐观

Surprisingly, with all the positive factors giving the spot XRP ETF SEC approval an advantage over the competition, Deribit’s options market advises for some cautious optimism, highlighting a bearish sentiment relating to implied volatility for April 18 expirations, signalling demand for downside protection. However, Kaiko’s Adam Morgan McCarthy had this to say:

令人惊讶的是，由于所有积极的因素赋予了XRP ETF SEC批准比竞争优势，Deribit的期权市场建议对某些谨慎的乐观情绪，强调了与4月18日到期的隐含波动有关的看跌情绪，这是对下降保护的信号需求。但是，凯科的亚当·摩根·麦卡锡（Adam Morgan McCarthy）说：

“It’s hard to argue against allowing a spot product when there’s already an active ETF like this, which is highly levered and more risky than a vanilla spot ETF.”

“当已经有这样的活跃的ETF时，很难不允许允许现场产品，而这种ETF比香草斑ETF高度杠杆化，风险更大。”

* Records from the federal agency show that several firms are awaiting approval to launch spot crypto ETFs with the U.S. Securities and Exchange Commission. Among the pending applications, the majority of filings for altcoins are for Ripple Labs’ token, XRP, with at least 10 different firms applying to list spot XRP funds.

*联邦机构的记录显示，几家公司正在等待批准，以与美国证券交易委员会启动现场加密ETF。在待处理的申请中，大多数AltCoins的文件都是为Ripple Labs的代币XRP提供的，其中至少有10家不同的公司申请列表现货XRP基金。

* The applications for spot XRP ETFs follow other filings for ETPs based on Solana, Litecoin, Cardano, and Dogecoin, among other tokens, reflecting a growing demand for crypto investment products.

* Spot XRP ETF的应用程序遵循基于Solana，Litecoin，Cardano和Dogecoin的ETP的其他文件，以及其他代币，反映了对加密投资产品的需求不断增长。

* The Kaiko report predicts that after the XRP ETF, the Solana-based fund would be the most likely candidate to receive the green light. The analysis highlights that both applications from Bitwise and Grayscale for a SOL spot ETF have been pending since August 2022.

* Kaiko报告预测，在XRP ETF之后，基于Solana的基金将是最有可能接收绿光的候选人。该分析强调，自2022年8月以来，来自Bitwise和灰度的应用程序的两种应用一直待定。