XRP ETF Filings Triple, 2024 Approval Likely Says Ripple CEO
- Institutional interest in XRP is driving ETF applications, with Bitwise, Canary Capitals, and Grayscale leading the charge.
- Ripple CEO Brad Garlinghouse predicts that this growing interest will push token prices higher.
- Bitcoin ETFs have amassed $21.41 billion in inflows, a trend Garlinghouse expects XRP ETFs to follow.
Ripple CEO Brad Garlinghouse has expressed optimism about the approval of a spot-based exchange-traded fund (ETF) for XRP in the United States. Speaking at the 8th annual DC Fintech Week, Garlinghouse told Bloomberg that it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves an ETF based on the token. The Crypto Basic reported highlights of his commentary on X (formerly Twitter), further sparking speculation among investors.
Garlinghouse stressed the increasing institutional interest in XRP. He noted that several ETF applications linked to the token had been submitted recently. Bitwise and Canary Capitals both filed for spot XRP ETFs earlier this month, with Grayscale also joining the trend. Grayscale plans to convert its digital large-cap fund, which holds five different crypto assets, including the token, into a basket ETF.
This move underscores the growing interest in XRP from institutional investors. Garlinghouse believes this participation will significantly influence the tokens market performance. He pointed to the success of Bitcoin ETFs, which have attracted a total inflow of $21.41 billion, according to Farside data. This surge in demand for crypto-based ETFs has contributed to Bitcoin ETFs growing by $17 billion, making them the fastest-growing ETF products in the world.
Garlinghouse predicts that institutional investment could create upward pressure on the price of the Ripple token. He expects the same dynamic driving Bitcoins price to benefit Ripple as investors become more comfortable with crypto ETFs.
XRP ETFs Expected to Thrive
When asked whether an XRP ETF would perform as well as a Bitcoin ETF, Garlinghouse confidently pointed to Ethereums ETF performance. Despite some saying Ethereum ETFs have underperformed, Garlinghouse argued that the market dominance ratio between Bitcoin and Ethereum ETFs is similar, signaling success for both.
He expressed confidence that XRP ETFs will attract significant interest, particularly from the tokens dedicated global community. With the Ripple token ranked as the seventh-largest cryptocurrency by market capitalization, its support base continues to expand as institutional players increasingly eye the crypto market.
Garlinghouse emphasized that the ripple effect of institutional demand for crypto ETFs will likely lead to higher demand for the token, creating a bright outlook for the asset.
As the SEC weighs the approval of XRP ETFs, the growing institutional demand signals a potential price surge. Ripples Garlinghouse remains optimistic, citing successful precedents with Bitcoin and Ethereum ETFs. With several firms vying to launch XRP ETFs, the market awaits the SECs decision, which could further bolster the tokens standing in the crypto world.
Read more: https://www.tronweekly.com/xrp-etf-approval-likely-says-ripple-ceo/
Text source: TronWeekly
