Ripple CEO Garlinghouse Foresees Imminent Approval of XRP, SOL and ADA Crypto ETFs on The Horizon
Ripple’s CEO, Brad Garlinghouse, has expressed confidence in the approval of Exchange-Traded Funds (ETFs) for XRP, Solana, and Cardano, envisioning a significant boost to the crypto market. He anticipates that the Securities and Exchange Commission (SEC) could greenlight these ETFs in 2024, following the recent approvals of spot Bitcoin (BTC) ETFs and progress toward Ethereum (ETH) ETFs.
Crypto ETFs are definitely on the Horizon
Garlinghouse’s statement comes amidst the unexpected progress in ether ETF approvals, with preliminary approval from the SEC for key filings. Notably, Cathie Wood, CEO of ARK Invest, attributed this progress to the increasing political significance of cryptocurrency.
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” he stated. Ripple is notably associated with XRP, its native cryptocurrency.
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Market Cap Expected to Surge
Garlinghouse’s predictions go beyond ETF approvals. He also expects a substantial increase in the overall value of the cryptocurrency market. “The Ripple CEO also predicted crypto value would double by the end of 2024, reaching $5 trillion in market cap”.
Such a surge would highlight the growing adoption and investment in cryptocurrencies, positioning them as a strong asset class in the global financial system.
SEC’s Role in ETF Approval
While the recent approvals of Bitcoin and Ethereum ETFs have set a precedent, the SEC’s stringent regulatory framework suggests that the approval process for XRP, Solana, and Cardano ETFs may encounter several hurdles. However, if the SEC does approve these ETFs, it could significantly impact the crypto market, legitimizing digital assets and accelerating their adoption.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
