2024-6-7 00:00 |
Ripple President Monica Long has shed light on the potential launch of an XRP ETF, clarifying the crypto payment company’s stance on the subject. She addressed the growing interest within the market, stating that the introduction of an XRP ETF would be a reasonable progression.
Ripple President Deems XRP ETF PlausibleIn a recent interview with CNBC, Long addressed the growing curiosity surrounding the possible launch of an XRP ETF. When questioned about the likelihood of an XRP ETF in the near future, Long remarked “I think it will make a lot of sense.”
She cited XRP’s current regulatory status within the United States as the basis for a potential XRP ETF, emphasizing that only XRP and Bitcoin, the world’s largest cryptocurrency, have obtained regulatory clarity regarding their status in the United States.
Long lauded XRP’s performance in the crypto market, declaring that it currently ranks among the top 10 cryptocurrency assets by market capitalization and is among the top 5 digital assets in terms of trading volume. Her endorsement of XRP as a major player in the crypto market further solidifies her conviction that the market might see an XRP ETF soon.
Following the approval of a Spot Bitcoin ETF and an Ethereum Spot ETF, XRP has remained firmly in the spotlight, as numerous crypto analysts predict that the cryptocurrency could be next in line for an ETF.
Despite the excitement and hopes for an XRP ETF, the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) could pose a significant challenge.
Before the SEC’s approval of an Ethereum ETF, various crypto analysts had low expectations of an Ethereum ETF in 2024. They pointed out that the SEC’s implicit classification of Ethereum as a security could hinder its ETF approval process.
The same analysis could be applied to XRP, which has been entangled in a nearly four-year court battle with the SEC. In its lawsuit against Ripple, the US SEC accused the crypto payments company of selling unregistered securities in XRP. This claim has been rigorously disputed by Ripple in court, winning a victory after Judge Analisa Torres ruled that programmatic sales of XRP were not considered unregistered securities.
In spite of these regulatory hurdles, the Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse has maintained an optimistic outlook for an XRP ETF, predicting a possible approval by 2025.
Ripple Stablecoin Set To Launch This YearIn the interview, Long shared valuable insights on the development and launch of Ripple’s stablecoin. While specific details about the stablecoin launch date and features remain undisclosed, the Ripple President revealed that the crypto community can look forward to a possible launch later this year.
She emphasized the importance of stablecoins within the volatile crypto market, highlighting that stablecoins had a multi-billion dollar market capitalization and have emerged as a reliable payment option for users who want to move and store their assets safely.
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