Geoffrey Kendrick predicts the potential launch of XRP ETF and Solana ETF in 2025, following Ethereum’s footsteps.
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Key Points
– Cryptocurrency ETFs for Solana and XRP may receive approval by 2025.
– The approval of Ethereum ETFs is seen as a positive step towards the approval of other major cryptocurrencies.
– Clearer crypto regulations are attracting institutional interest and paving the way for mainstream adoption.
Geoffrey Kendrick, Head of Forex and Digital Assets Research at Standard Chartered Bank, has made an intriguing prediction: cryptocurrency ETFs for coins such as Solana and XRP could be approved as early as 2025.
A Turning Point for the Crypto Market?
According to Kendrick, the recent approval of Ethereum spot ETFs by the SEC reflects a significant shift in how regulators perceive cryptocurrencies. Kendrick points out the striking similarities in the core technologies of Ethereum and other cryptocurrencies, making it difficult for the SEC to classify them as securities.
“The core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position,” says Kendrick.
Analyzing Market Dynamics
With the introduction of Ethereum ETFs, Kendrick predicts a surge in institutional investments, estimating potential inflows ranging from $15 billion to $45 billion within the first year of trading. This influx of capital could further strengthen the market dominance of Bitcoin and Ethereum and have a positive impact on other cryptocurrencies.
Kendrick remains optimistic about the prospects of crypto ETFs. He projects that Bitcoin prices could reach $150,000 by the end of the year, driven by strong inflows from spot BTC ETFs. Additionally, he stands by his earlier forecast of Ethereum reaching $8,000 by the end of the year.
Looking Ahead: Beyond Ethereum
While Ethereum has been in the spotlight, Kendrick believes that the market will eventually look forward to the ETF status of other cryptocurrencies.
“For other coins such as SOL and XRP, markets will also anticipate their eventual ETF status. However, this is more likely to be a story for 2025 rather than 2024,” says Kendrick.
This timeline suggests that regulatory clarity and market readiness will play a crucial role in obtaining approval for these additional ETFs.
Kendrick emphasizes the importance of political support for cryptocurrencies in the U.S., stating that it will be a “true watershed moment.” This bipartisan backing is expected to contribute to further regulatory changes, establishing a better-defined and more crypto-friendly framework for digital assets.
The approval of Ethereum spot ETFs indicates a more progressive approach by the SEC, and the approval of other coins like XRP and SOL could follow suit soon.
Spreading Positive Sentiments!
The approval of Ethereum spot ETFs sets the stage for the approval of other major cryptocurrencies, as predicted by Geoffrey Kendrick of Standard Chartered. These predictions highlight the evolving regulatory landscape and the growing institutional interest in digital assets. As institutional demand continues to rise, mainstream financial markets are likely to become more receptive to cryptocurrencies.
Could altcoin ETFs be the next big trend? Stay tuned to find out!
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Altcoins
Ripple (XRP)