Ripple CEO Brad Garlinghouse subtly hinted that XRP could be the next cryptocurrency getting an exchange-traded fund after the U.S. Securities and Exchange Commission (SEC) approved Ethereum spot ETFs.
Garlinghouse’s Subtle Hint
In a celebratory post on X, Garlinghouse congratulated the Ethereum team for their ETF approval and reflected on the significant regulatory progress this week, including the bipartisan support for the FIT21 crypto bill. He said the events had been monumental, like “hell freezing over.”
“Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation… Feels like hell has frozen over!!” Garlinghouse tweeted.
In response to this tweet, several XRP enthusiasts said an XRP spot ETF should be created next. People have started speculating about an imminent ETF on XRP after Ripple CEO Brad Garlinghouse ‘liked’ these suggestions.
Prominent XRP community member Zach Rector highlighted this development, aligning it with the CEO’s earlier statement that 2024 will be big for XRP. Garlinghouse had stated in an interview in February that an XRP spot ETF is “inescapable” and essential for diversification; however, he did not give a timeline, citing that regulatory clarity was up in the air.
Market Dynamics and Regulatory Hurdles
Even though Garlinghouse is positive, the way to an XRP ETF is still very complicated. The SEC lawsuit against Ripple, which accuses the company of selling unregistered securities, remains a big roadblock. The result of the lawsuit will very likely impact the feasibility and time of an XRP ETF.
Bloomberg ETF analyst James Seyffart said that Solana was a more likely candidate for the next spot ETF due to its market position and appeal. However, Seyffart added that Solana may not get an ETF until 2026, pending the course of the regulatory environment and the creation of a CFTC-regulated futures market.
Are XRP ETFs Surely Next? Or Is This Market Excitement?
As of now, it’s really hard to tell. But ever since the approval of Bitcoin ETFs, the Ripple XRP community has been speculating about the arrival of an XRP ETF or an ICO by Ripple.
The news of eight Ethereum spot ETFs, including those from BlackRock, Grayscale, and Fidelity, is huge for cryptocurrency. This significant regulatory step will likely indicate a growing adoption of digital assets within mainstream finance, possibly paving the way for other digital assets like XRP to get similar recognition.
The XRP community is very excited about what is happening, with many looking at the recent developments as a positive signal for XRP’s future. The community has petitioned Grayscale, urging them to create an XRP ETF, reflecting its confidence in XRP’s potential.
While it remains to be seen when the XRP ETF will be actualized, the recent market momentum and regulatory steps provided a positive perspective for XRP supporters.