Ripple CEO Hints At Spot XRP ETF

Ripple chief Brad Garlinghouse has hinted that we may soon get a spot XRP ETF (Exchange Traded Fund). Garlinghouse took to X and shared his thoughts on the recent bipartisan support for crypto legislation. The comments on the post were filled with users asking for a spot XRP ETF. Garlinghouse liked several of these comments, sparing speculation if a spot XRP ETF is in the works.

Also Read: Ripple: How High Can XRP Pump in June 2024?

Previously, Garlinghouse had stated that if the SEC (Securities and Exchange Commission) approves one ETF, it will be difficult for the financial watchdog to decline others.

Also Read: Ripple (XRP) Price Prediction: May End 2024

Furthermore, earlier this year, former Ripple executive Sean McBride said that we may see an XRP ETF either in 2024 or 2025. Additionally, McBride said we may see a Ripple IPO (Initial Public Offering) outside the US in 2025.

Will an ETF push Ripple’s XRP to new highs?

Before a spot XRP ETF is approved, Ripple has to deal with its ongoing lawsuit with the SEC. The SEC alleges that Ripple sold unregistered securities. Last year, a US district court ruled that selling XRP to retail clients did not breach securities laws, but selling the token to institutions did. The lawsuit has entered the high court, and investors await a verdict. If the high court rules similarly to the district court, we may see an XRP ETF make its debut. The move will also likely lead to a major price spike.

Also Read: Top 3 Cryptocurrencies To Buy For 5X Gains In Anticipation Of Ethereum ETF Approval

Furthermore, if the SEC approves a spot Ethereum (ETH) ETF, we may witness a market-wide rally. In such a scenario, XRP may also see a price pump. The asset has struggled to gain momentum, especially due to Ripple’s ongoing lawsuit.