- Ripple CEO Brad Garlinghouse is optimistic about the approval of an XRP ETF, suggesting it’s only a matter of time.
- An XRP ETF could help reduce volatility and boost the credibility of XRP, potentially increasing its value.
- XRP’s current performance lags behind other major cryptocurrencies, partly due to ongoing legal battles with the SEC.
Ripple CEO Brad Garlinghouse is confident that an XRP ETF is coming soon. Only weeks after BitWise filed for an XRP ETF with the SEC, the head of the crypto firm claims that the approval of the request is only a matter of time.
An XRP ETF would allow for the asset to be traded in stock exchanges, and its approval could help the company in its argument against the United States Securities and Exchange Commission regarding $XRP not being a security.
In an interview with Bloomberg, Gralinghouse spoke about the growing popularity of crypto ETFs, alluding to the first Bitcoin ETF being the most popular ETF in history, and even mentioning a recent multi-crypto ETF to note the popularity of these types of investments.
When asked about the potential for an XRP ETF, the main head of Ripple stated that the approval was “inevitable”, and that the growing interest in crypto Exchange-traded funds by the investment sector.
Could an XRP ETF Help XRP Performance?
The ramifications of this potential approval could be huge for Ripple. Despite gaining notoriety as one of the most popular brands in the market, the $XRP currency has not performed well when compared to other assets.
This becomes evident when considering that 2024 has been mostly a bullish year for the mainstream cryptocurrencies in the market. Bitcoin is up by 101% over the past year, Ethereum by 43%, BNB by 156%, and Solana has seen a 433% increase in the same period.
XRP vs BTC, yearly, CoinMarketCap
Meanwhile, XRP is currently just short of breaking even in the same period with a decrease of 3.74% over the past 365 days. This discrepancy is likely a side effect of the ongoing battle against the SEC, and the volatility involved with each news regarding new appeals or sentences made Ripple’s XRP a more volatile and risky currency.
However, the approval of an XRP ETF could help contain this unwanted volatility, and provide a boost to a potentially undervalued currency, aiding the overall credibility and stability of XRP.
