Ripple CEO Brad Garlinghouse has expressed his openness to the idea of an XRP exchange-traded fund (ETF) following a prediction by Standard Chartered that suggests Solana (SOL) or Ripple’s XRP could be contenders for an ETF by 2025. Industry experts have also noted that Solana could be a logical choice for a third ETF due to its similarities to Ethereum.
The recent approval of a crucial filing for a spot Ether (ETH) ETF has sparked speculation about which cryptocurrency could be next. Standard Chartered predicts that SOL or XRP could be potential candidates, but not until 2025. Analyst Geoffrey Kendric commented on the matter, stating that markets will anticipate the eventual ETF status of SOL and XRP but expects this to be a story for 2025, not 2024. In the meantime, he believes that bitcoin and ether dominance will continue to rise, with selective winners in the next line.
Brad Garlinghouse, the CEO of Ripple, has shown his support for an XRP ETF and believes that multiple ETFs will emerge in the market. The approval of forms 19b-4 by the Securities and Exchange Commission (SEC) marks a significant step towards launching a spot Ether ETF, although there is another necessary form that requires approval. The approval process for the S-1 document, which has been filed by a few potential issuers, could take a variable amount of time.
Experts in the industry have suggested that SOL would be a suitable choice for a third ETF due to its similarities to Ethereum. Bernstein, a brokerage firm, noted that given Ethereum’s classification as a commodity, SOL could follow a similar path. Currently, Solana is the third-largest cryptocurrency by market cap, after Bitcoin and Ethereum.
Jaret Seiberg from TD Cowen’s Washington Research Group commented on the rapid progress of the SEC’s decisions, stating that it came about six months sooner than expected. Seiberg also speculated that within the next year, there could be an offering that includes a basket of crypto tokens, potentially featuring Bitcoin and Ether, and possibly extending to more cryptocurrencies.
Despite potential challenges, TD Cowen predicts that under Gensler’s leadership, the SEC will maintain its Democratic majority until 2026. The agency is expected to continue litigating against crypto trading platforms that trade tokens believed to be unregistered securities.
In summary, the possibility of an XRP ETF has been welcomed by Ripple CEO Brad Garlinghouse, while experts suggest that SOL could also be a potential contender for an ETF. The approval of a spot Ether ETF has sparked speculation about the next cryptocurrency that could receive approval.