Ripple CEO Anticipates Imminent Approval of Crypto ETFs for XRP, SOL, & ADA

Ripple CEO Brad Garlinghouse is optimistic about the future of cryptocurrency ETFs, specifically for XRP, Solana, and Cardano. He believes that these ETFs will soon receive regulatory approval, which would have a profound impact on the crypto market. Could 2024 be the year that the SEC gives the green light to these groundbreaking investment vehicles?

Garlinghouse’s confidence stems from the recent approvals of Bitcoin ETFs and the progress being made towards Ethereum ETFs. He sees these developments as indicators that ETFs for other prominent cryptocurrencies are on the horizon. “I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” he stated. Ripple is well-known for its association with XRP, its native cryptocurrency.

The unexpected progress in the approval of Ethereum ETFs is promising. Key filings have received preliminary approval from the SEC, and final approval is pending before these ETFs can start trading. Cathie Wood, CEO of ARK Invest, attributed this approval to the growing political significance of cryptocurrency, as previously reported by Coinpedia.

Garlinghouse’s predictions extend beyond ETF approvals. He also anticipates a substantial increase in the overall value of the cryptocurrency market. He predicts that the crypto market’s value will double by the end of 2024, reaching a market cap of $5 trillion. This surge would highlight the growing adoption and investment in cryptocurrencies, solidifying their position as a formidable asset class in the global financial system.

The big question now is whether the SEC will indeed approve these ETFs in 2024. The recent approvals of Bitcoin and Ethereum ETFs have set a precedent, suggesting that other cryptocurrencies may soon follow suit. However, the SEC’s strict regulatory framework means that the approval process for XRP, Solana, and Cardano ETFs may still face hurdles.

If the SEC does approve these ETFs, it would have significant implications for the crypto market. It would not only legitimize digital assets further but also accelerate their adoption as mainstream investment vehicles.