XRP ETF 'Very Soon,' Likely Next After Bitcoin And Ethereum, Ripple President Says

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Ripple Technologies Inc (NASDAQ:XRP) is likely to be next in line to get an exchange-traded fund (ETF) after the recent approval of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ETFs, according to Ripple President Monica Long.

An XRP spot ETF would mark a major milestone for the asset and potentially bring in a wave of institutional investment.

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"I think you will see it very soon. I mean, I think, you know, obviously, we would like to see the XRP spot ETF be approved as quickly as possible. But I think the good news here is that there are multiple applications. For example, we have GraniteShares and Wave Financial. They have already filed for XRP spot ETFs, which I think bodes well for the likelihood of their approval."

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In addition to her comments on the anticipated XRP ETF, Long spoke about the growth in Ripple’s payment solutions and the increasing demand for stable coins.

"We are also seeing a lot of interest in stable coins, and I think that will continue. We are really excited about the growth that we are seeing in Ripple’s payment solutions, especially on-demand liquidity, which is growing very quickly. We are also seeing a lot of interest in the XRP ledger for NFT use cases, which bodes well for XRP and will have a premium role in those use cases."

Canary filed for a physically backed XRP ETF in December 2022, while Wave Financial filed for a spot XRP ETF in January. Both ETFs are still pending approval from the Securities and Exchange Commission.

If approved, the ETFs would provide a simple and cost-effective way for investors to gain exposure to XRP. Moreover, they would introduce the asset to a broader investor base.

Why It Matters: XRP, the native token of the XRP ledger, has faced legal scrutiny in recent years due to the SEC's lawsuit against Ripple, which alleges that XRP is an unregistered security. However, interest in the asset has remained strong among retail and institutional investors.

As the largest cryptocurrency by market capitalization, Bitcoin was the first asset to receive an ETF approval in October 2021. Several applications for Ethereum ETFs followed, with the first one being approved in March.

Now, as XRP is touted to be next in line, its integration into ETFs is expected to further enhance its accessibility and appeal among investors.

Moreover, the approval of a Bitcoin ETF last year led to a surge in interest and investment in the flagship cryptocurrency. Similarly, an XRP ETF could have a positive impact on the demand and price of XRP.

However, it's important to note that the approval process for ETFs can be lengthy and complex. As such, while Long is optimistic about the likelihood of an XRP ETF being approved soon, there is no guarantee on the exact timeline.

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XRP ETF 'Very Soon,' Likely Next After Bitcoin And Ethereum, Says Ripple President originally appeared on Benzinga.com