Ripple President Monica Long discusses the possibility of an XRP ETF coming soon
Key Points of Interest
Monica Long, President of Ripple, and CEO Brad Garlinghouse are confident in the potential for an XRP ETF.
Recent developments, such as the approval of Ethereum ETFs and a change in the SEC’s attitude, suggest that more cryptocurrencies, including XRP, could soon have their own ETFs.
The significant trading volume and market capitalization of XRP indicate a strong investor interest in an XRP ETF.
Is an XRP ETF on the horizon?
Monica Long, the President of Ripple, is an outspoken advocate for the cryptocurrency’s potential in today’s market. This optimism is shared by CEO Brad Garlinghouse, who has recently predicted the emergence of an XRP ETF by 2025.
Following discussions at the massive Consensus 2024 conference, could this be the breakthrough moment that XRP has been waiting for?
Delve deeper into why Ripple is so optimistic about the prospects of an XRP ETF and what it could mean for the future of the cryptocurrency.
Garlinghouse’s Bold Prediction
During the Consensus 2024 event, Garlinghouse boldly forecasted the introduction of XRP ETFs and other financial products for cryptocurrencies like Solana and Cardano. He stressed the inevitability of these advancements as the cryptocurrency market continues to evolve and gain broader acceptance.
Changes in Regulations
Recent developments in the ETF industry include the green light given to Ethereum spot ETFs by the US Securities and Exchange Commission (SEC).
Cathie Wood, the CEO of ARK Invest, pointed out at Consensus 2024 how political dynamics have turned crypto into a significant electoral issue, influencing regulatory decisions.
This shift became apparent when SEC Chair Gray Gensler, who was previously skeptical about crypto ETFs, adopted a more lenient stance towards the impending launch of an ETH ETF. Gensler’s change of heart came after a ruling in favor of Grayscale over the SEC, prompting the regulator to reconsider its position on crypto ETFs.
XRP’s Market Standing
XRP currently holds the position of the eighth-largest cryptocurrency by market capitalization, with a value of $29.1 billion and a daily trading volume of around $917.5 million. These figures underscore the considerable interest and trading activity surrounding XRP, indicating the potential impact of an ETF on its market dynamics.
With Ripple’s leadership backing an XRP ETF and regulatory attitudes shifting, the outlook appears promising for cryptocurrency ETFs.
Further Reading:
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Ripple (XRP)