Bitrabo Editorial
Ripple Labs’ CEO Brad Garlinghouse remains hopeful regarding the future approval of a spot XRP ETF in the U.S., despite facing many legal challenges from the SEC.
His optimism coincides with a surge in institutional interest in the cryptocurrency sector, especially after the launch of Bitcoin ETFs earlier this year, which has drawn significant attention.
Ripple’s CEO Sees Bright Prospects for XRP ETF After Bitcoin ETF Triumph
In a recent interview with Bloomberg, Garlinghouse highlighted the major influx of funds into Bitcoin ETFs, which have attracted around $17 billion since their January launch, making them the fastest-growing ETFs ever.
This remarkable growth showcases strong interest from both institutional and retail investors in digital assets. Garlinghouse stated, “It clearly demonstrates that there’s demand from institutions and retail to access this asset class.”
The movement towards XRP ETFs took a significant step forward earlier this month when Bitwise filed with the SEC for a spot XRP ETF, targeting the world’s seventh-largest cryptocurrency by market cap.
Canary Capital Group followed suit by submitting their own proposal for the Canary XRP ETF shortly after.
Rising Interest in Crypto ETFs Signifies Institutional Engagement
During his interview, Garlinghouse addressed the SEC’s prior reluctance to approve Bitcoin ETFs, commenting that the agency was “dragged, kicking, and screaming” into allowing the Bitcoin ETF market in January.
The rising demand for cryptocurrency ETFs signifies an increasing trend of institutional investment in the crypto sphere, according to Garlinghouse.
He expressed confidence that this institutional activity could potentially drive prices up for various cryptocurrencies, including XRP.
As of now, XRP is priced at $0.5172, reflecting a nearly 3% decline over the last 24 hours.
Featured image from DALL-E, chart from TradingView.com