Brad Garlinghouse: XRP could be the next crypto ETF
Brad Garlinghouse: XRP could be the next crypto ETF
Ripple CEO Brad Garlinghouse hinted at the possibility of XRP becoming the next crypto ETF in light of the approval of Ethereum spot ETFs.
The hint was made as part of his response to comments on his post regarding the US regulator's approval of Ethereum spot ETFs, The Crypto Basic reported.
On Thursday, the regulator approved eight spot Ethereum ETFs, including applications from BlackRock, Grayscale, VanEck, and Fidelity. Speaking to the X community, Garlinghouse stressed the importance of the SEC's approval and the passage of the FIT21 cryptocurrency bill.
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A group of XRP enthusiasts proposed the creation of an XRP spot exchange-traded fund, similar to an Ethereum-based ETF. It should be noted that Garlinghouse supported the proposals with likes. In his post on X, renowned expert Zach Rector also took note of this development, believing that the Ripple CEO's actions are in line with his previous comments about the importance of 2024 for XRP.
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While Garlinghouse emphasized the importance of a spot XRP ETF for diversification, he avoided speculating on timing due to regulatory concerns. However, other experts, including Sean McBride, see an XRP ETF by 2025.
ETF analysts such as James Seyffarth believe Solana (SOL) could be the next candidate for a spot ETF after Ethereum, but note that the emergence of the SOL ETF could be delayed until 2026 due to the need for a CFTC-regulated futures market.
It's worth noting that the prospects for the launch of the XRP ETF are seen as remote and largely dependent on the resolution of the standoff between Ripple and the SEC, as well as regulatory changes.
At the time of writing, XRP is trading at $0.5235, showing a decline of 0.32% over the past 24 hours.
Further reading: SEC officially approves spot Ethereum ETFs
