Ripple CEO Brad Garlinghouse indirectly confirmed that XRP may soon have its own spot ETF, following the recent approval of Ethereum spot ETFs by the U.S. SEC. Garlinghouse hinted at this possibility by liking comments from XRP enthusiasts on social media. This development aligns with his previous statements indicating that 2024 would be significant for XRP. Despite the optimism, regulatory challenges remain, and some analysts suggest other cryptocurrencies, like Solana, might see spot ETFs first. The timing of an XRP ETF remains uncertain, contingent on resolving Ripple’s ongoing lawsuit with the SEC.
Ripple CEO hints at upcoming XRP ETFs amid Ethereum approval news, marking a significant development for the cryptocurrency market. Ripple CEO Brad Garlinghouse’s subtle endorsement of XRP ETFs has sparked excitement within the XRP community. His acknowledgment came through social media interactions following the U.S. SEC’s approval of Ethereum spot ETFs, suggesting a potential similar move for XRP. This aligns with Garlinghouse’s previous hints about significant developments for XRP in 2024.
The recent approval of Ethereum spot ETFs by the U.S. SEC is a notable event in the cryptocurrency industry. These approvals included applications from major firms like BlackRock, Grayscale, VanEck, and Fidelity. Garlinghouse’s reaction on social media highlighted the importance of this regulatory milestone, describing it as a significant moment for the industry.
Following this news, several XRP enthusiasts suggested that XRP could be the next cryptocurrency to receive ETF approval. Garlinghouse’s liking of these suggestions on social media has been interpreted as an indirect confirmation of this possibility. Prominent XRP community figures have highlighted this interaction, emphasizing Garlinghouse’s previous statements that 2024 would be a crucial year for XRP.
In an earlier interview, Garlinghouse stressed the importance of having an XRP spot ETF for diversification purposes but remained cautious about speculating on the timing due to regulatory challenges. He avoided providing a definitive answer when asked about collaborations with asset managers like BlackRock for listing an XRP ETF.
Despite the optimism surrounding XRP ETFs, the regulatory landscape presents significant hurdles. Garlinghouse has acknowledged these challenges, noting the ongoing legal battle between Ripple and the SEC as a critical factor. The outcome of this lawsuit will significantly impact the likelihood and timing of an XRP ETF.
Conversely, some ETF analysts believe that other cryptocurrencies, such as Solana, might be more likely candidates for the next spot ETF due to their market position and appeal. These analysts caution that regulatory developments, including the establishment of a CFTC-regulated futures market and the SEC’s classification of certain cryptocurrencies as securities, will influence the timeline for new ETF approvals.
As the cryptocurrency industry continues to evolve, the approval of spot ETFs for major cryptocurrencies like Ethereum marks a significant regulatory shift. For XRP, the potential for an ETF remains closely tied to regulatory outcomes and market developments in the coming years. Garlinghouse’s subtle hints and the community’s anticipation underscore the importance of regulatory clarity and industry advancements for the future of XRP and other digital assets.
