Regardless of years of authorized confrontations with the US Securities and Change Fee (SEC), Ripple Labs CEO Brad Garlinghouse stays optimistic concerning the potential approval of a spot XRP ETF in the US.
Garlinghouse’s confidence comes at a time when the cryptocurrency market is witnessing elevated institutional curiosity, notably following the profitable launch of Bitcoin ETFs earlier this yr.
Ripple CEO Assured In XRP ETF Potential Following Bitcoin ETF Success
In a current interview with Bloomberg Tv, Garlinghouse identified the numerous influx of capital into Bitcoin ETFs since their approval in January, which has seen roughly $17 billion invested, making it the fastest-growing ETF in historical past.
Garlinghouse emphasised that this surge illustrates a strong demand from each institutional and retail buyers for entry to digital belongings. “It clearly demonstrates that there’s demand from establishments and retail to entry this asset class,” he remarked.
The push for XRP ETFs gained traction earlier this month when Bitwise grew to become the primary agency to file with the SEC for an spot XRP ETF, the world’s seventh-largest cryptocurrency by market capitalization.
Following this, Canary Capital Group, a newly established digital asset-focused funding agency, additionally submitted its utility for the Canary XRP ETF.
Rising Demand For Crypto ETFs And Rising Institutional Curiosity
Through the interview, Garlinghouse additionally commented on the SEC’s earlier resistance to approving Bitcoin exchange-traded funds, stating that the US SEC was “dragged, kicking, and screaming” to approve the Bitcoin ETF market again in January of this yr.
The rising demand for cryptocurrency ETFs is an element of a bigger pattern indicating extra institutional participation within the crypto market, Garlinghouse famous.
Ripple’s CEO additional believes that this institutional curiosity is more likely to create upward strain on costs for varied cryptocurrencies, together with XRP.
On the time of writing, XRP is buying and selling at $0.5172, down practically 3% prior to now 24 hours.
Featured picture from DALL-E, chart from TradingView.com
