Head of Research at Uphold Says US Will Soon Have XRP ETF
XRP, the often overlooked cryptocurrency, has seen a significant surge in price, surpassing expectations in the current bullish market. On Monday, it experienced a remarkable increase of 20.5%, breaking through various resistance levels and reaching a new yearly high above $0.7440.
Martin Hiesboeck, the Head of Research at Uphold Exchange, has been closely monitoring XRP’s surge. He attributes its impressive performance to positive developments surrounding the asset, particularly since the establishment of clear rules last year. Hiesboeck even hinted at the possibility of an XRP financial product, suggesting an upcoming XRP ETF.
Following a legal victory in July 2023, the XRP ecosystem has witnessed significant growth. Noteworthy developments include the introduction of passive revenue opportunities for XRP holders through the upcoming Automated Market Maker (AMM) service, which has received the necessary approvals. Moreover, organizations like SBI in Japan have launched cross-border payment services in multiple Asian countries utilizing XRP.
The prospect of an XRP ETF has generated excitement within the XRP community. Hiesboeck confirms that XRP is a qualified U.S.-listed fund vehicle that is currently being activated, indicating the potential for further price impact in the near future.
Although there is growing optimism surrounding XRP ETFs, major asset managers such as BlackRock remain cautious about disclosing plans for such an investment product. However, industry experts like Ripple CEO Brad Garlinghouse and Valkyrie CEO Steve McClurg believe that an XRP ETF is inevitable. Garlinghouse expressed openness to the idea and its potential benefits in an interview with Bloomberg. Additionally, former Ripple director Sean McBride confidently predicts that the XRP ETF will become available either this year or in 2025.
While the timeline for a U.S.-listed XRP ETF is still uncertain, other countries have already begun launching new XRP financial vehicles. For example, the recently listed XRP exchange-traded product (ETP) on the Swedish Stock Exchange provides interested parties with investment opportunities beyond the U.S. market.