As a seasoned crypto investor with a knack for spotting trends and opportunities, I find Garlinghouse’s optimism about the potential approval of a spot XRP ETF intriguing. His confidence is justified given the recent success of Bitcoin ETFs, which have seen an influx of capital to the tune of $17 billion since their approval in January. This rapid growth underscores the robust demand from both institutional and retail investors for digital assets access.
Regardless of the ongoing legal battles between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Brad Garlinghouse, CEO of Ripple Labs, maintains a positive outlook regarding the possibility of approving a spot XRP ETF in the United States.
At present, Garlinghouse’s faith is significant due to the growing institutional attention towards the cryptocurrency sector. This surge has been particularly noticeable after the successful debut of Bitcoin ETFs in the early part of this year.
Ripple CEO Confident In XRP ETF Potential Following Bitcoin ETF Success
In a recent interview with Bloomberg Television, Garlinghouse pointed out the significant inflow of capital into Bitcoin ETFs since their approval in January, which has seen approximately $17 billion invested, making it the fastest-growing ETF in history.
Garlinghouse underscored that the recent increase indicates a strong interest among both institutional and individual investors in gaining entry to digital assets. “This makes it evident that there is a desire from institutional and individual investors to invest in this asset category,” he stated.
Momentum grew for potential XRP Exchange Traded Funds (ETFs) at the start of this month as Bitwise became the first company to submit a request to the Securities and Exchange Commission (SEC) for a physically-backed XRP ETF, making XRP – the world’s seventh-largest cryptocurrency by market capitalization – a possible candidate.
Subsequently, Canary Capital Group, a freshly formed investment company specializing in digital assets, likewise filed an application for the Canary XRP Exchange Traded Fund (ETF).
Increasing Demand For Crypto ETFs And Growing Institutional Interest
In the course of the interview, Garlinghouse expressed his views on the SEC’s past reluctance to endorse Bitcoin ETFs, likening their eventual approval in January of this year to being pulled, resisting all the way, towards endorsing the Bitcoin ETF market.
The increasing demand for cryptocurrency ETFs is part of a larger trend indicating more institutional participation in the crypto market, Garlinghouse noted.
The head of Ripple thinks it’s quite possible that the increased attention from institutions could lead to a rise in the value of not just XRP, but several other digital currencies as well.
At the time of writing, XRP is trading at $0.5172, down nearly 3% in the past 24 hours.
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2024-10-23 22:26