Ripple CEO Predicts Inevitable Approval of XRP Spot ETF

Ripple's CEO, Brad Garlinghouse, has responded to the SEC’s decision to entertain Grayscale's request to turn XRP into an ETF, calling it an "inevitable" step despite prior skepticism.

Over the past year, Garlinghouse has consistently maintained that a spot XRP ETF would eventually gain approval in the U.S., even when such a possibility seemed far-fetched. Ripple’s President, Monica Long, shares her optimism, believing that XRP is likely to be the next token to receive spot ETF approval.

Analyst Nate Geraci weighed in, noting that the SEC’s move to consider an XRP ETF amid ongoing litigation with Ripple sends a significant message about the token’s future prospects.

Bloomberg analysts have recently put the chances of an XRP ETF approval this year at 65%, a figure that could rise following the SEC’s acknowledgment.

While the SEC could still deny the ETF application, many are hopeful, especially with the shift in the regulatory climate under the current administration, which has shown a more crypto-friendly approach. This includes the dismantling of the agency’s cryptocurrency enforcement unit, which has been criticized as ineffective.

With other players like Bitwise and WisdomTree also pushing for XRP ETF approvals, Ripple executives remain hopeful that a positive decision is on the horizon, though some legal experts suggest the process could take up to a year.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.