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- Ripple CEO Brad Garlinghouse has reiterated his belief that XRP spot ETFs are inevitable and will probably hit the market by next year.
- He stated that investors always want to spread the risk and diversify their investment and that with Bitcoin and Ethereum now within reach, they will wish to access other cryptos like Solana and XRP.
At the Consensus conference in Texas a week ago, Brad Garlinghouse told the audience that XRP spot ETFs are inevitable and that the SEC will lose in its attempts to suppress the token, as Crypto News Flash reported. The Ripple CEO has reiterated this belief in a recent interview, saying XRP ETFs could launch as early as next year.
The SEC approved a Bitcoin ETF earlier this year, and since then, they have become a big hit with investors. Yesterday, these ETFs recorded the second-highest single-day net inflow in history at $880 million, pushing BTC above $71,000, as Crypto News Flash reported.
Gary Gensler also handed crypto another landmark win when he gave the green light for Ethereum ETFs, although they are yet to launch officially.
Garlinghouse believes that approving XRP, Solana, Cardano, and other crypto spot ETFs will only be a matter of time. Speaking to Fox Business, he made the bold claim that XRP ETFs will launch by 2025.
BOOOOOOOOOOOOOOOOOOM!!!!
Brad Garlinghouse – CEO of @Ripple Says "#XRP ETFs probably in 2025."
BULLISH! 🚀📈 pic.twitter.com/6lrXfcyLmZ
— JackTheRippler ©️ (@RippleXrpie) June 4, 2024
XRP ETF Incoming
The main reason for approving multiple crypto ETFs is that investors are always looking for ways to diversify their investments, says Garlinghouse.
He stated:
People don’t want just exposure to one commodity. If you have exposure to gold, you might want exposure to silver. To me, it makes sense. You don’t want to just have a single-threaded asset exposure.
XRP would be a natural crypto for an ETF, Garlinghouse added. “It’s not that long ago, before the SEC got involved, that XRP was the second-most valuable digital asset. This was before the SEC anointed ETH.”
XRP and the XRPL network have been rapidly gaining users as their applications expand beyond the simple transfer of value into tokenisation, NFTs and more. However, Garlinghouse insisted that an ETF is a new level of exposure for any crypto.
The Bitcoin spot ETF, for instance, has introduced the top crypto into the balance sheets of Fortune 500 companies that would never have ventured into crypto otherwise. As he noted, it took the Bitcoin ETFs two months to hit the same assets under management that it took gold ETFs over a year. By early March, BTC ETFs held half the amount managed by the physically backed gold ETFs, which have been around since 2004.
Clearly, the market would welcome XRP ETFs. But why would Gary Gensler approve an XRP ETF after fighting the token since he took over the SEC? According to Garlinghouse, he wouldn’t have any other choice.
Gensler “has lost a lot in court” to crypto and will likely avoid another showdown that could potentially end in an embarrassing loss.
It’s frustrating that we have to go through the courts to get those positive outcomes, The US should be investing in these technologies and embracing them.
XRP trades at $0.5269, gaining marginally in the past day as its month-long consolidation continues.
