- June 5, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has shed light on the potential timeline for an XRP ETF. Previously speaking at the Consensus 2024 conference, Garlinghouse declared that the introduction of an XRP Exchange Traded Fund (ETF) was inevitable.
XRP ETF Slated For 2025
In an exclusive interview with Fox Business on June 4, Garlinghouse offered insights on the current regulatory landscape of cryptocurrencies, emphasizing the recent approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) and discussing the potential introduction of an XRP ETF.
When asked if he believes that the Ethereum Spot ETFs will start trading by next month, Garlinghouse concurred, suggesting that Spot Ethereum ETFs could begin trading by July 2024.
He emphasized that the introduction of an Ethereum Spot ETF was “a big deal,” because it broadens market access for global investors. Additionally, he pointed to the successful launch of Spot Bitcoin ETFs, revealing that the digital asset has attracted billions in inflows, which underscores the strong demand and interest from investors in the asset class.
Garlinghouse has predicted the imminent launch of an XRP ETF by 2025, emphasizing the fundamental similarities between Ethereum and XRP in terms of functionality and decentralization.
Speaking at the Consensus 2024 conference last week, the Ripple CEO asserted that an XRP ETF was inevitable. He revealed to Fox Business that the SEC’s approval of Bitcoin and Ethereum ETFs paves the way for more cryptocurrency ETFs to enter the market soon.
Garlinghouse also acknowledged that the US SEC might present challenges during the XRP ETF approval process. However, he remains confident that the regulator will ultimately authorize an XRP ETF.
He noted that investors currently seek diversification rather than exposure to a single investment product. In the context of ETFs, this implies that the growing interest in more Spot Ethereum and Bitcoin ETFs could result in the approval of more crypto ETFs, including Solana, XRP, and Cardano.
XRP Price Experienced Slight Uptick
During the interview, Garlinghouse was questioned about the possible factors behind the recent surge in several cryptocurrencies, such as Bitcoin, Ethereum, and XRP, over the past week. According to the interviewer, Bitcoin has surpassed $70,000, while Ethereum has experienced substantial inflows following the approval of Ethereum Spot ETFs.
Additionally, CoinMarketCap data shows that XRP is seeing renewed momentum, witnessing a 1.17% increase in the last 24 hours and trading at a price of $0.52. Concerning this, Garlinghouse noted that the unexpected market momentum was largely driven by ongoing political developments in the United States.
The Ripple CEO pointed out that despite its status as the largest global economy, the US has remained backwards in terms of cryptocurrency innovation and development. He disclosed that the recent support and attention given to the crypto industry by US Presidential candidate Donald Trump has been a welcome boost for the market.
