2024-10-25 17:05 |
Ripple CEO Brad Garlinghouse has expressed optimism about the future of an XRP-focused exchange-traded fund (ETF).
During an interview with Bloomberg Tuesday, the crypto mogul suggested that an XRP ETF is “inevitable” and could significantly impact the market. This statement follows recent developments in the cryptocurrency industry, including the growing popularity of Bitcoin and Ethereum ETFs.
The interview touched on several critical aspects, including the broader trend of institutional involvement in the crypto space. Garlinghouse noted that the approval of Bitcoin ETFs, which have seen remarkable growth, demonstrates the increasing demand for institutional access to digital assets.
“The United States SEC was dragged kicking and screaming to approve the Bitcoin ETF in January. I think you’ve seen about $7 billion flow into that ETF. It’s the fastest-growing ETF in history. It’s very clearly demonstrating there is demand from institutions, there’s demand from retail to access this asset class,” he stated.
Regarding XRP, Garlinghouse highlighted the growing interest in XRP-related ETFs, with multiple filings already in place. He emphasized that this move aligns with the overall trend of institutional participation in the crypto market.
“So, the XRP interest has grown. You’ve seen two or three ETF filings happen around XRP. And to me, it’s just inevitable. You’re going to see not just Bitcoin and Ether, you’re going to see an XRP ETF.” Garlinghouse said.
He further explained that this increasing institutional participation would likely exert upward pressure on cryptocurrency prices, including XRP. While discussing the performance of Ethereum and Bitcoin ETFs, he pointed out that the market dominance of Bitcoin remains strong, with institutional flows into Bitcoin ETFs being particularly notable. “Flows into the Bitcoin ETFs have been pretty remarkable. Not so remarkable have been flows into the Ether ETFs,” Garlinghouse added.
That said, while approving an XRP ETF would be a major milestone for Ripple, it comes against the backdrop of the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Bitwise, a cryptocurrency asset manager, recently filed a registration statement with the SEC to launch a spot XRP ETF, marking a significant step forward for the cryptocurrency. However, the SEC’s appeal of a 2023 ruling regarding XRP’s classification as a non-security could impact the approval process.
Despite these regulatory uncertainties, Garlinghouse remains confident about XRP’s future and growing community. “I think we clearly see a very interested and active community around the XRP ecosystem, both here in the United States and beyond, and that has grown. And so, I think that an XRP ETF will do quite well.” He remarked.
XRP traded at $0.53 at press time, reflecting a 0.53% surge over the past 24 hours.
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