XRP is currently entering a novel chapter marked by the emergence of Spot XRP ETFs, and Ripple CEO Brad Garlinghouse believes it will happen soon cause a rush towards the resource.
Garlinghouse’s latest comment on the upcoming rush into XRP comes as the cryptocurrency was struggling with a bearish price action. Cryptocurrency has released the last few trading days in a downtrend, even as market participants continue to weigh in on the recent listing of the Bitwise Spot XRP ETF on the Recent York Stock Exchange.
Ripple CEO Message on XRP ETF Fever
The market is still adjusting to the listing of Bitwise’s Spot XRP ETF on the Recent York Stock Exchange, which represents a significant step forward in institutional access to the asset. The Bitwise product now sits alongside Canary’s XRPC ETF on NASDAQ, making it the second U.S. Spot XRP ETF to launch.
This expansion of regulated XRP investment vehicles has resulted in XRP becoming a market a much smaller category of cryptocurrencies that have achieved full stock exchange status in the United States.
The arrival of a second fully regulated product is seen as an early sign that the XRP ETF landscape is just starting to take shape. It also signals that issuers are becoming more confident in the regulatory underpinnings surrounding XRP, especially after years of uncertainty.
In response to the launch of Bitwise on social media platform X, Ripple CEO Brad Garlinghouse he described this moment as a turning point that could open the door to novel interest in XRP ETFs.
Ripple’s CEO’s message was a combination of congratulations to Bitwise and a hint that more activity may be on the way, and this is just the beginning of a much larger movement in the XRP investment landscape. “The pre-Thanksgiving rush (say ‘turkey trot’!?) for XRP ETFs starts now,” he said.
What this rush could mean for the future of XRP
The the question now is how this novel ETF environment will impact XRP market performance. During the initial trading day, Bitwise’s XRP ETFs saw inflows of $105.36 million, bringing the cumulative total net inflow of XRP ETFs to $410.76 million.
So far, the token hasn’t responded with the kind of explosive growth that some expected from the ETF’s launch. Price action is somewhat restrained and has broken below the $2 price level despite novel investment access points.
The next phase may come sooner than expected as several additional XRP ETFs become available ready to launch in the coming days.
One of the most closely watched is the Grayscale XRP Trust ETF, owned by Bloomberg Intelligence analyst James Seyffart it has been confirmed that this is planned start trading on Monday, November 24, along with Grayscale’s Dogecoin ETF. This was also emphasized by Seyffart Franklin Templeton XRP ETF may debut on the same day. The lineup of these launches, which come just days apart, reflects a wave of products that Garlinghouse described as a “pre-holiday rush for XRP ETFs.”
Featured image from iStock, chart from Tradingview.com
Editorial process for bitcoinist is focused on providing thoroughly researched, correct and unbiased content. We adhere to strict sourcing standards, and each page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
