Ripple chief executive Brad Garlinghouse labels XRP ETFs approval by the SEC as inevitable following recent fillings.
Ripple Labs head Brand Garlinghouse echoes sentiments in the community anticipating XRP exchange-traded funds (ETFs) despite the fintech company being embroiled with the regulator.
The Ripple boss downplays the loggerhead experience the firm has with the SEC to suggest the securities watchdog will approve XRP ETFs. The bullish outlook follows the notable application by US fund manager Bitwise at the onset of this month.
Ripple Management Ready for XRP ETF
Garlinghouse believes the approval of XRP ETFs will facilitate its trading on the stock exchange. Such will grant investors exposure to XRP without directly holding the crypto.
The filing emerged as a surprise since Ripple has since 2020 locked in a legal battle with the Gary Gensler-led SEC. Despite admitting this fact, Garlinghouse is unconcerned and instead asserts that XRP ETF approval is inevitable.
Garlinghouse indicated in a recent interview with Bloomberg that XRP ETF emerges from rising demand by retail and institutions seeking access to the asset class. The optimism emerged as newly established asset manager Canary Capital filed a bid for an XRP-based ETF.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
>> Invest In Cryptocurrencies Now!
Garlinghouse recounts that while the SEC apparently opposed approving ETFs, it has this year approved Bitcoin- and Ethereum-based funds offered by leading Wall Street firms. Ripple CEO indirectly admits that XRP ETF could not secure immediate approval, citing the ongoing dispute.
Garlinghouse’s views mirror the perspective conveyed by former Ripple Labs director Sean McBride. The latter shared insights on when the XRP price would take off and the timeline for unveiling XRP ETFs.
McBride revealed his opinion during an inquiry overseen by XRP community member Kenny Nguyen on the RLUSD stablecoin and approval of XRP ETFs. The latter inquired about the implications it has on XRP price movement, with the former executive optimistic that the two developments could thrust XRP into upward momentum by 2025.
McBride considers XRP ETFs landing next month, thereby aligning with a previous assertion of the funds within 2024. It is crucial to note that the SEC has yet to confirm the filing.
The recent developments feature Bitwise and Canary Capitals submitting bids for XRP ETFs. The applications are set to have expanded scope, with Grayscale seeking to transform its large-cap fund comprising assets, including XRP, into the basket ETF.
McBride suggests that it is unlikely the SEC will grant a greenlight to the XRP investment funds in November. Bloomberg ETF analyst James Seyffart considers that XRP ETF approval is likely under the new SEC administration. Such mandates US president and congressional action, thereby extending the unveiling timeline.
Will XRP Take Off Amid ETF Bid?
McBride reflects on XRP take off as ETF launch remains uncertain. The former Ripple director considers that XRP is on track for the long-awaited bull cycle takeoff.
The XRP price has recently witnessed a downtrend aligned with Bitcoin’s instability. Notably, it changes hands at $0.5266, down 4.4% in the past week. The decline emerges as XRP holders expect a turnaround since the asset is underperforming.
Will XRP Benefit from Ripple’s Stablecoin?
McBride weighed into the debate on the upcoming RLUSD to predict it would gain popularity within the broader crypto market.
McBride’s views echo Garlinghouse, who, in a recent discussion, affirmed that RLUSD stablecoin harbours Ripple’s payment vision. He considers stablecoins critical to the payment flows within the Ripple system, with institutional activities accounting for a fifth of all USD Coins (USDC) minted.
Garlinghouse reflects on the past banking crisis and the unfortunate USDC’s de-peg as indicating market opportunity. Besides the strong balance sheet, he cites Ripple’s active liquidity as the fulfillment of the requisite ground for RLUSD stablecoin. However, Ripple is not keen on rivaling existing stablecoins such as USDC and Tether; rather, it prioritizes overall market expansion.
Garlinghouse points out that Tether could lose market share despite sustaining growth. Such creates space for XRPL’s liquidity, thereby benefiting the entire XRP ecosystem.
Disclaimer: aCryptoFinance.com specializes in crafting premium content tailored for businesses in the cryptocurrency sector. We have been instrumental in elevating the brand presence of a multitude of companies. Our clientele consistently expresses satisfaction with our offerings. For inquiries, feel free to reach out to us. Given the volatile nature of cryptocurrencies and digital tokens, we encourage potential investors to undertake comprehensive research prior to making investment choices. It’s important to note that some content featured on our platform is contributed by guest writers or is sponsored, and as such, does not necessarily represent the perspectives of aCryptoFinance. We disclaim liability for the content’s accuracy, quality, advertising, products, or any other elements displayed on the website.
