Ripple CEO Confident In XRP ETF Potential Following Bitcoin ETF Success

Despite years of legal confrontations with the US Securities and Exchange Commission (SEC), Ripple Labs CEO Brad Garlinghouse remains optimistic about the potential approval of a spot XRP ETF in the United States.

Ripple Labs CEO Brad Garlinghouse is optimistic about the potential approval of a spot XRP exchange-traded fund (ETF) in the United States, despite the company's ongoing legal battle with the US Securities and Exchange Commission (SEC).

The cryptocurrency market has seen a surge in institutional interest this year, especially after the successful launch of Bitcoin ETFs. This interest is likely to continue, and it could help drive up prices for various cryptocurrencies, including XRP.

At the time of writing, XRP is trading at $0.5172, down nearly 3% in the past 24 hours.

Ripple CEO Bullish on XRP ETF Potential After Bitcoin ETF Success

Speaking in a recent interview with Bloomberg Television, Garlinghouse highlighted the massive capital inflow into Bitcoin ETFs since their approval in January. According to the Ripple CEO, around $17 billion has been invested in Bitcoin ETFs, making it the fastest-growing ETF in history.

“It's really interesting to see how capital is flowing into the crypto ecosystem. We saw a record-breaking quarter for Bitcoin ETFs, which had around $17 billion in inflows, making it the fastest-growing ETF in the world.”

This surge in demand for crypto ETFs is evident in the applications filed with the SEC. Earlier this month, Bitwise became the first firm to apply for a spot XRP ETF.

Following this, Canary Capital Group, a digital asset-focused investment firm, also submitted its application for the Canary XRP ETF. XRP is currently the world's seventh-largest cryptocurrency by market capitalization.

Institutions are showing more interest in crypto, which is part of a larger trend, Garlinghouse noted. He believes this institutional interest will create upward pressure on prices for various cryptocurrencies.

“We saw the SEC being dragged kicking and screaming into approving the Bitcoin ETF market earlier this year. But that approval is now opening the door for other cryptocurrency ETFs, including those tracking XRP.”

The SEC has previously faced criticism for delaying the approval of Bitcoin ETFs despite the massive demand from investors. However, the approval of several Bitcoin ETFs in a short period could indicate a shift in the SEC's stance on crypto ETFs.

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