Ripple (XRP) holders eagerly await a court ruling in the SEC’s lawsuit against Ripple Labs. Expected in May 2024, the ruling has seen no updates yet. Meanwhile, Ripple Labs CEO Brad Garlinghouse made a bold prediction about XRP’s future. In an interview with Fox Business reporter Liz Claman, Garlinghouse expressed strong confidence in the inevitability of an XRP ETF.
He noted that the approval of Bitcoin and Ethereum ETFs has paved the way for similar products for other cryptocurrencies, including XRP. Despite regulatory challenges from the SEC, Garlinghouse believes, “An XRP ETF is just simply inevitable,” and expects approval by 2025. He emphasized investors’ desire for more diversity in their portfolios, beyond just a single commodity.
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Investor Demand for More Options
Garlinghouse highlighted that introducing more commodities like XRP into the market would give investors additional trading options. This would position XRP as a potential competitor to existing ETH and BTC ETFs, as well as other digital assets like Solana and Cardano. He also pointed out that once the SEC approves one crypto ETF, it would be difficult for them to reject others.
Former Ripple executive Sean McBride echoed this sentiment, predicting the arrival of an XRP ETF by 2024 or 2025. The discussion around XRP ETFs gained momentum when Blackrock CEO Larry Fink was questioned about it during a Fox Business interview. Although Fink didn’t provide a clear answer, his response sparked speculation within the XRP community.
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Impact On XRP Price
The introduction of Spot XRP ETFs is expected to significantly impact XRP’s price. Historically, the approval of Bitcoin and Ethereum ETFs has led to substantial price surges for these assets. Therefore, the anticipation of an XRP ETF is seen as a significant development for the token, which has recently struggled to break past the $1 mark.
Currently, XRP trades at $0.53, reflecting a slight increase in the last 24 hours. Along with this, the market cap has surged to $29.1 billion. The anticipation of an XRP ETF approval, along with positive market movements, may soon push the price beyond the $1 threshold.
