• 19 June, 2024
News

Ripple CEO Brad Garlinghouse Optimistic About Future of XRP ETF

In a recent interview on Fox Business, Ripple CEO Brad Garlinghouse expressed his strong belief in the potential for an XRP exchange-traded fund (ETF), predicting its launch by 2025. His optimism is grounded in the growing interest in diverse crypto investments and the evolving regulatory landscape in the United States.

The conversation with Fox Business reporter Liz Claman provided Garlinghouse an opportunity to discuss the future perspectives of Spot XRP ETFs. Following the approvals for Bitcoin and Ethereum ETFs, Garlinghouse stated that XRP, alongside Solana (SOL) and Cardano (ADA), may be next in line to receive Spot crypto ETFs.

Garlinghouse reiterated his confidence in the future of an XRP ETF, stating that it’s “just simply inevitable.” He emphasized the significance of offering investors a variety of commodities, including XRP, to trade. This move would provide a competitive alternative to existing ETH and BTC ETFs, as well as those for Solana and Cardano’s digital assets.

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As of the latest market data, XRP is trading at $0.5255, reflecting a 1.04% increase in the last 24 hours and a -0.49% decline over the past week. With a circulating supply of 55 billion XRP, the cryptocurrency’s market cap stands at $29,182,438,891.

Per a CryptoTale report, a notable event in the XRP ecosystem was a significant withdrawal from Binance. Whale Alert, an on-chain crypto sleuth, reported a transfer of 25,224,389 XRP, valued at $13.16 million, to an undisclosed wallet. This transaction, executed on the Ripple blockchain, highlighted the substantial movement of funds within the cryptocurrency market.

The transaction occurred at 02:00:22 UTC on June 4, 2024, emphasizing Ripple’s efficiency with a minimal fee of just 0.003 XRP. The unique hash of this transfer was 4498C481EBB512E691C1E7EC9E13239357B5833187EA8AF55FBE0BA31765BC77, underscoring the swift and cost-effective nature of Ripple transactions.

Garlinghouse’s comments and the recent market activity reflect a broader trend of increased interest in diversifying crypto investments. As the regulatory environment in the U.S. becomes more accommodating to crypto spot ETFs, the potential for an XRP ETF by 2025 seems increasingly plausible.

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