Ripple CEO Brad Garlinghouse has made a reference to the approval of the Ethereum ETF, suggesting that an XRP ETF may be on the horizon.
The outcome of the Ripple v. SEC case will play a crucial role in determining whether an XRP ETF will be approved. As the SEC is responsible for approving crypto ETFs, it is unlikely that they will give the green light to an XRP ETF while the case remains unresolved.
Following the recent approval of the Ethereum spot ETF, speculation has been rampant about which crypto ETF will be filed and potentially approved next by the SEC. One strong contender is XRP, the native token developed by Ripple Labs for the XRP Ledger.
After facing numerous delays, the U.S. Securities and Exchange Commission has finally granted approval to eight Ethereum spot ETF applications, including those from BlackRock, Grayscale, VanEck, and Fidelity. This marks the second approval after the launch of the Bitcoin spot ETF earlier this year. These approvals signify a shift in the regulatory stance towards cryptocurrencies as regulators begin to embrace the new industry.
Experts predict that the approval of an Ethereum ETF will pave the way for the approval of other crypto ETFs. The crypto community is buzzing with speculation about the next approval, with leading candidates including Solana, Litecoin, and XRP. Solana’s appeal to institutional investors makes it a strong contender for a quick filing and potential approval. Litecoin, on the other hand, shares key similarities with Bitcoin, with its founder Charlie Lee classifying it as a commodity like Bitcoin due to their similar proof-of-work mechanisms.
XRP stands out as the only cryptocurrency that has legal protection, thanks to a ruling by Judge Torres last year stating that XRP tokens are not securities. Although the legal battle is still ongoing, with a final ruling expected in the coming months, legal experts anticipate a victory for Ripple. The legal clarity provided by this ruling could attract institutional investors to both invest in XRP and offer XRP-related products such as an XRP ETF.
Brad Garlinghouse, the CEO of Ripple, appears to agree with the experts’ view that an XRP ETF could be the next big thing. He has shown support for several posts on the X platform that suggest an XRP ETF will follow the Ethereum ETF. In a previous interview, Garlinghouse stated that an ETF is inevitable but did not speculate on the timing of its release. Sean McBride, Ripple’s former director, has suggested that an XRP ETF may emerge by 2025.
Interestingly, there were rumors a few months ago that BlackRock was working on an XRP ETF. However, these claims were later debunked by BlackRock itself.
Market experts caution that the ongoing Ripple v. SEC case could potentially hinder the filing and approval of an ETF. However, as the case nears its conclusion, institutional interest may grow, leading to increased demand and potentially driving prices to new all-time highs.
