Ripple CEO Drops Hint About XRP ETFs on the Horizon
Ripple CEO, Brad Garlinghouse, hinted at the possibility of XRP spot exchange-traded funds (ETFs) following the recent approval of Ethereum spot ETFs by the U.S. regulator. Notably, eight Ethereum spot ETFs from companies like BlackRock, Grayscale, VanEck, and Fidelity received authorization.
Garlinghouse emphasized the significance of the SEC’s approval and the passing of the FIT21 crypto bill, describing these events as momentous for the industry. He likened the developments to a “hell freezes over” moment.
In response to Garlinghouse’s comments, three XRP enthusiasts suggested the introduction of an XRP spot ETF, which the Ripple CEO endorsed by liking their suggestions.
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Zach Rector, a prominent XRP community pundit, highlighted Garlinghouse’s endorsement as aligning with his earlier statements that 2024 “will be big” for XRP.
In a February interview, Garlinghouse expressed the inevitability of an XRP spot ETF, emphasizing its significance for diversification. However, he declined to provide a definitive answer when asked about collaborating with asset managers like BlackRock to list an XRP ETF, citing regulatory challenges.
While Garlinghouse remains optimistic about the prospect of an XRP ETF, he refrains from speculating on the timing, noting regulatory challenges. Some industry pundits, like Sean McBride, Ripple’s ex-director, have suggested that an XRP ETF may emerge by 2025.
ETF Analyst Predicts Solana ETF Coming Soon
On the other hand, ETF analyst James Seyffart from Bloomberg opposed the sentiment regarding an XRP ETF, suggesting that Solana (SOL) is a more likely candidate for a spot ETF after Ethereum, given its market position and appeal. However, Seyffart cautioned that a Solana ETF might not emerge until 2026, pending the establishment of a CFTC-regulated futures market. He also mentioned that the SEC’s view of SOL as a security could complicate matters.
Regarding XRP, its ETF prospects are perceived as more distant, contingent on the resolution of Ripple’s SEC lawsuit and further regulatory developments.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
