- Ripple CEO Brad Garlinghouse predicts the approval of an XRP spot ETF as “inevitable,” citing increasing institutional interest and recent ETF filings by firms like Bitwise Canary Capitals.
- Brad Garlinghouse expects this growing participation to convert into an upward price movement for XRP.
Ripple CEO has been vocal about the potential approval of a Spot XRP ETF in the United States. Once again he has doubled down on his confidence speaking at the 8th annual DC Fintech Week in a virtual interview with a leading news outlet.
In this interview, Brad Garlinghouse, calling the approval “inevitable” discussed the growing momentum behind XRP ETF and the likely impact on the crypto market especially and majorly on XRP, Ripples native token.
Ripple Labs CEO Brad Garlinghouse says "it’s just inevitable” that the company’s XRP cryptocurrency will be offered through an exchange-traded fund https://t.co/o4ri9sleqY pic.twitter.com/AsiCLCBtVo
— Bloomberg Crypto (@crypto) October 23, 2024
Brad’s confidence grows by the day as his remarks follow a suite of filings for XRP-based ETFs. Institutional interest in XRP has substantially grown. As earlier reported, Bitwise and Canary Capital submitted their filings to the U.S.SEC for an XRP ETF.
Additionally, Grayscale, the leading cryptocurrency asset manager, filed to convert its crypto funds into an ETF. These crypto funds include Bitcoin, Ethereum, Solana, XRP, and Avalanche.
Catching sight of the recent institutional investment, Garlinghouse highlighted that the buzz from these financial institutions indicates increasing participation from the aforementioned parties in the cryptocurrency world.
Evidencing this, Garlinghouse pointed to the growing institutional demand for Bitcoin ETFs, which have seen an inflow of $17 billion. According to data from Farside, currently, Bitcoin ETFs boast a total inflow of $21.41 billion, making them the fastest-growing category of ETFs globally outdoing Ether ETFs.
Putting it all on the line, the Ripple CEO drew parallels between Bitcoin’s success and the potential for similar interest in XRP, particularly as the regulatory landscape for the digital asset together with the broader cryptocurrency landscape.
Focusing on the potential impact of Ripple, Garlinghouse believes that the rising institutional participation driven by these ETF products will lead to an upward price movement for XRP. Recent XR ETF applications could translate into a surge in demand for XRP. He specifically mentioned that the ripple effects of institutional investment are already being felt, and he expects more momentum as more institutional investors enter the market.
At the time of writing, XRP is struggling to stay afloat in the daily charts as the token is changing wallets with $0.5236 marking a 0.65% and 4.85% decline in the last 24 hours and past week respectively. Also, on the monthly charts, the digital asset is down 10.93%.
XRP ETF vs. Ethereum ETF
When asked about how XRP ETFs might perform compared to Ethereum ETFs, which have seen relatively modest success, Garlinghouse refuted the idea that Ethereum’s ETF products were underperforming.
He explained that Bitcoin’s dominance in the market simply reflects its leading status and noted that Ethereum ETFs have also performed well considering their market share.
He emphasized that XRP ETFs would likely perform strongly due to the cryptocurrency’s active and engaged global community, which would support demand for the product.
