As a researcher with experience in the digital asset market, I find Geoffrey Kendrick’s prediction about Solana (SOL) and Ripple’s XRP ETFs intriguing. While the Ethereum ETF approval is a significant step forward, the process for other altcoins is likely to be more complex and time-consuming.
Following the SEC’s confirmation of Spot Ethereum ETFs, numerous analysts have expressed their views on the possibility of similar launches for other cryptocurrencies. Among them is Standard Chartered Bank analyst Geoffrey Kendrick, who anticipates that the SEC may approve crypto ETFs for coins such as Solana (SOL) and Ripple’s XRP by the year 2025.
Will Solana & XRP ETFs Become Real?
According to him, although the market anticipates this development, it’s uncertain that it will occur in 2024 due to the intricate process of approving related ETFs. Consequently, a potential application may be pushed back to the following year.
Kendrick, the head of forex and digital assets research at Standard Chartered Bank, previously predicted that an Ethereum Exchange-Traded Fund (ETF) would soon be launched. Furthermore, the SEC’s approval of Ether Spot ETFs on Thursday suggests that they no longer view Ether as a security.
As an analyst, I’d interpret Kendrick’s perspective as follows: According to him, coins with characteristics similar to those involved in the 2023 XRP case could potentially dodge the “security” label. Moreover, he emphasized that the technology of certain coins is remarkably close to Ethereum, making it challenging for the SEC to distinguish and treat them differently.
Further along, Kendrick viewed the American political backing for cryptocurrencies as a significant turning point. He posited that it was no longer a matter of if, but rather a question of when, more regulatory adjustments would ensue, based on information from The Block.
Prediction For BTC & ETH
During this period, Bitcoin (BTC) and Ethereum are anticipated to lead the market based on the Sharpe ratio, with other cryptocurrencies experiencing gains as well. The analyst also predicted substantial investments in spot Bitcoin Exchange-Traded Funds (ETFs) and suggested a possible BTC price of $150,000 before the year ends.
The Securities and Exchange Commission (SEC) granted its consent for 19b-4 forms of proposed Spot Ethereum Exchange-Traded Funds (ETFs) on Thursday, May 23. A total of eight applications, submitted by Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity, and Franklin, were approved in a single order. Nonetheless, the S-1 registrations for these ETFs still require approval before trading can commence.
Based on Kendrick’s perspective, investing in a portfolio that holds Bitcoin and Ethereum ETFs is an alluring prospect, supported by the SEC’s latest decision regarding Ethereum. Kendrick expects trading for Ethereum ETFs to commence next month. Previously, he projected that these funds could draw in between $15 billion and $45 billion during their inaugural year. Moreover, his year-end prediction for Ethereum’s price remains at a bullish $8,000.
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2024-05-24 16:13