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Ripple CEO Indirectly Confirms XRP ETFs Coming

source-logo  thecryptobasic.com 24 May 2024 09:28, UTC

Ripple CEO Brad Garlinghouse has indirectly confirmed to the XRP Army that XRP may be the next crypto ETF amid approval for Ethereum spot ETFs.

Garlinghouse gave this subtle hint via his reaction to a comment on his post celebrating the recent authorization of Ethereum spot ETFs. Notably, the U.S. regulator assented to eight Ethereum spot ETFs on Thursday, including BlackRock, Grayscale, VanEck, and Fidelity applications.

Taking to X, the Ripple CEO reflected on the significance of the SEC’s approval and the passing of the FIT21 crypto bill, describing the week’s events as momentous for the industry, akin to a “hell freezes over.”

Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation…

Feels like hell has frozen over!! 🥶 https://t.co/70T0qLt1FH

— Brad Garlinghouse (@bgarlinghouse) May 24, 2024

Ripple CEO Agrees that XRF ETFs Next

Reacting to Garlinghouse’s remark, three XRP enthusiasts suggested that an XRP spot exchange-traded fund should follow the Ethereum-based ETFs. Interestingly, the Ripple CEO endorsed these suggestions by liking them.

Prominent XRP community pundit Zach Rector called attention to this development in a post on X. Rector sees the action aligning with Garlinghouse’s earlier commentaries that 2024 “will be big” for XRP.

Brad confirming XRP ETF and still following 589! 2024 is going to be big for #XRP pic.twitter.com/LI7D1F0NVb

— Zach Rector (@ZachRector7) May 24, 2024

During an interview in February, Garlinghouse asserted that an XRP spot ETF is inescapable, stressing that such an investment product is significant for diversification purposes. When asked about working with asset managers like BlackRock to get an XRP ETF listed, he declined to provide a definitive answer.

Despite Garlinghouse’s optimism about the XRP ETF prospect, he avoids speculating on the timing, noting regulatory challenges. Meanwhile, other industry pundits, like Sean McBride, Ripple’s ex-director, have suggested that an XRP ETF may surface by 2025.

ETF Analyst Sees Solana ETF Next

Conversely, ETF analysts like Bloomberg’s James Seyffart have opposed this sentiment. During a conversation on Wednesday, Seyffart suggested that Solana (SOL) is the most likely candidate for a spot ETF after Ethereum due to its more prominent market position and appeal.

Yet, Seyffart cautioned that a Solana ETF might not emerge until 2026, pending the establishment of a CFTC-regulated futures market. He also noted the SEC’s view of SOL as a security could complicate matters.

As for XRP, its ETF prospects are seen as more distant, contingent on the resolution of Ripple’s SEC lawsuit and further regulatory developments.