The recent approval of several Ethereum spot ETFs in the U.S. has sparked excitement within the XRP community, with speculation mounting over the possibility of a similar instrument for the digital asset.
Since the U.S. SEC greenlit eight Ethereum spot ETF applications from financial giants like BlackRock, Grayscale, VanEck, and Fidelity, Ripple CEO Brad Garlinghouse has been using his social media capacity to push the XRP ETF narrative.
Following the SEC’s decision, Garlinghouse took to X to acknowledge the significance of the ETF approvals and the passing of the Financial Institutions Trust and Fairness Act (FIT21).
He characterized the week’s developments as a major turning point for the cryptocurrency industry. Garlinghouse wrote, “Feels like hell has frozen over!!” in response to the shocking pro-crypto developments of this week.
This positive sentiment resonated with XRP holders, with several commenting on Garlinghouse’s post and expressing their desire for a corresponding XRP spot ETF. Notably, the Ripple CEO went a step further by endorsing these comments through likes, sparking further optimism within the XRP community.
This development aligns with Garlinghouse’s previous pronouncements about 2024 being a pivotal year for XRP. In a February interview, he expressed his belief that an XRP ETF is inevitable, highlighting its potential to enhance investment diversification.
While he remained tight-lipped regarding potential collaborations with asset managers like BlackRock for an XRP ETF listing, citing regulatory hurdles, his recent social media activity has been interpreted as a positive signal by XRP enthusiasts.
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Is an XRP ETF Next?
Industry experts hold varying opinions on the timeline for an XRP ETF. While Garlinghouse refrained from offering specific dates, some, like former Ripple director Sean McBride, suggest a potential 2025 launch.
However, Bloomberg’s James Seyffart recently presented a more cautious outlook. Seyffart believes Solana (SOL) is a more likely candidate for the next spot ETF due to greater investor interest. However, he believes it will be a rocky road because the SEC believes SOL is a security.
In comparison, XRP’s security status was resolved in a pivotal ruling in July 2023, where the court ruled that XRP itself is not a security. This clarity places XRP ahead of SOL in the ETF race. While the exact timeline for an XRP ETF remains uncertain, the recent industry developments and Ripple CEO’s social media activity have instilled optimism within the XRP community.
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