Polymarket, a website that provides predictions on cryptocurrencies, has reported that the likelihood of a spot exchange-traded fund (ETF) for Ripple (XRP) being authorized this year has reached 83%.

This data is derived from the most recent estimations that can be found on the official website of the platform.

Following the formal evaluation of the application for a spot XRP exchange-traded fund (ETF) dubbed WisdomTree XRP Trust by the United States Securities and Exchange Commission (SEC), this hopeful perspective has emerged at this time. Cboe BZX Exchange has submitted an application for a spot XRP exchange-traded fund (ETF), which is now being reviewed as the first official spot investment in the United States. The proposal would be the first spot exchange-traded fund (ETF) for XRP in the United States if it were to be authorized, and it might open the way for similar products for other crypto currencies. 

Investors would be able to have access to XRP via regular brokerage accounts without having to go through complicated procedures such as self-custody or private keys thanks to the proposed. The CME CF Ripple-Dollar Reference Rate would be used by an exchange-traded fund (ETF) in order to keep track of the current market price of XRP.

Under Official Notice Beginning with the application number 34-103124, the Securities and Exchange Commission (SEC) started its evaluation of the application. There is a maximum of 240 days for the Commission to decide whether or not to accept the application.I am not providing financial advice here.