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- According to the Chief Investment Officer at Valkyrie Investments, an Ethereum and Ripple Based ETF filing could flood the market.
- Brad Garlighouse is just as confident, even though he maintains that the current SEC Chairman might hinder this possibility.
Industry players are understandably optimistic about the new year, especially regarding the approval of Bitcoin Spot-based Exchange Traded Funds (ETFs). With the approval of over 10 Bitcoin-based ETFs, Market observers are confident that an Ethereum-based ETF could be approved in the long term. One notable market participant has high hopes for XRP ETFs, although, unlike Ethereum, no Ripple-based ETF applications have been filed.
Steven McClurg, the market party won’t in question, made some remarkable comments regarding XRP ETFs in a recent interview.
Speaking to Sonali Basak, a presenter for Bloomberg Crypto, the Valkyrie CIO hinted that the market could see an upsurge in the number of Ethereum and Ripple ETF filings, courtesy of the recent progress recorded with the SEC.
As he explained;
“You know I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress. You notice that Grayscale just added Ripple to one of their trusts that is publicly traded. So it wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.”
Brad Garlighouse is hopeful for XRP in the long term
The SEC had, on different occasions, denied multiple Bitcoin Spot-based ETFs in the past. However, with multiple crypto firms standing up to the regulatory body in court, prominent figures like ARK Invest’s Cathie Woods are convinced that things will change.
This January, the SEC approved 11 Bitcoin Spot-based ETFs, and according to market experts, the numbers could increase in the coming months.
Similarly, Brad Garlinghouse, the CEO of Ripple nodded affirmatively when asked if more ETFs will make it into the market. While he remains uncertain when this will happen, he observed that the current SEC Chairman is a major roadblock for applicants.
Meanwhile, Bloomberg ETF analyst James Seyffart who is certain that an XRP ETF might not be integrated into the market in the near term, is quoted saying;
“I don’t think that XRP is ever going to get through the SEC’s doors, essentially not anytime soon, even after that loss [Ripple vs. SEC].”
Although the recently approved Bitcoin spot ETFs are yet to awaken Bitcoin bills, market players maintain that in the long term, Bitcoin’s price will benefit from the influx of institutional players.
The same pattern could play out in Ethereum and Ripple. Should this become the case, XRP could make a much-needed comeback in price value. At report time, the altcoin is valued at $0.5277, as weekend gains are slowly clearing out weekly losses.
