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Cryptocurrency News Articles
Ripple CEO Brad Garlinghouse is confident that an XRP ETF is coming soon
Oct 24, 2024 at 08:00 am
Only weeks after BitWise filed for an XRP ETF with the SEC, the head of the crypto firm claims that the approval of the request is only a matter of time.
Ripple CEO Brad Garlinghouse is optimistic about the upcoming approval of an XRP ETF. Just a few weeks after BitWise filed for an XRP ETF with the SEC, the crypto firm head claims that the approval of the application is only a matter of time.
An XRP ETF would allow the asset to be traded on stock exchanges, and its approval could aid the company in its case against the United States Securities and Exchange Commission regarding $XRP not being a security.
In an interview with Bloomberg, Gralinghouse spoke about the growing popularity of crypto ETFs, mentioning how the first Bitcoin ETF was the most popular ETF in history, and also alluding to a recent multi-crypto ETF to highlight the interest in these investments.
When asked about the potential XRP ETF, the Ripple lead stated that the approval was “inevitable”, due to the growing interest in crypto Exchange-traded funds by the investment sector.
Could An XRP ETF Impact XRP Performance?
The implications of this potential approval could be massive for Ripple. Despite gaining fame as one of the most well-known brands in the space, the $XRP token has not performed as well as other assets when looking at the numbers.
This becomes evident when considering that 2024 has been mostly a bullish year for the mainstream cryptocurrencies in the market. Bitcoin is up by 101% over the past year, Ethereum by 43%, BNB by 156%, and Solana has seen a 433% increase in the same period.
XRP vs BTC, yearly, CoinMarketCap
Meanwhile, XRP is currently just shy of breaking even in the same period with a decrease of 3.74% over the past 365 days. This discrepancy is likely due to the ongoing battle against the SEC, and the volatility involved with each news item regarding new appeals or sentences made Ripple’s XRP a more volatile and risky currency.
However, the approval of an XRP ETF could help contain this unwanted volatility, and provide a boost to a potentially undervalued currency, aiding the overall credibility and stability of XRP.
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