Ripple’s CEO, Brad Garlinghouse, expressed his optimistic outlook on the imminent launch of more cryptocurrency Exchange-Traded Funds (ETFs) in the United States during an interview at the Paris Blockchain Week. While he acknowledged that predicting a specific timeline for the launch of these ETFs may be challenging due to potential pushback from the US Securities and Exchange Commission (SEC), Garlinghouse highlighted the regulatory clarity surrounding XRP, stating that it differentiates itself from other cryptocurrencies as it is not classified as a security. This regulatory clarity opens up the possibility of XRP ETFs being introduced. Garlinghouse criticized the current US regulatory approach to cryptocurrencies and called for a shift towards legislation that supports innovation and understands the industry.
Garlinghouse also made a bullish prediction, stating that he believes the combined market capitalization of the crypto market will surpass $5 trillion this year. He based this optimism on macro factors such as the introduction of the first spot Bitcoin ETFs in the US and the upcoming halving event. He emphasized that these factors are attracting institutional money, driving demand, and simultaneously reducing supply.
Another factor that Garlinghouse believes could contribute to new highs in the crypto market is the potential introduction of positive regulations in the US. Crypto enthusiasts are hopeful that the next administration will adopt a more accommodating policy towards the crypto industry.
Under the leadership of Chairman Gary Gensler, the SEC has been actively investigating crypto firms, including Ripple. Ripple is currently involved in a lawsuit with the SEC, which accuses the company of improperly marketing XRP in unregistered securities transactions. Ripple denies these allegations and is currently fighting the lawsuit. The case is expected to progress towards a conclusion, with Ripple set to respond to the SEC’s latest brief for remedies on April 22.
Despite a slight decline in price, XRP has seen an increase in trading volume, suggesting that investors and traders are accumulating the coin. XRP’s market sentiment was predominantly positive, with the coin trading above the 50-day and 200-day EMAs, indicating a positive price signal. Currently, XRP is trading at $0.6077 with a market capitalization of $33.4 billion. The Fear and Greed Index shows an extreme Greed figure of 78, further complementing the positive sentiment surrounding XRP.