Ripple CEO Brad Garlinghouse has forecasted the approval of ETFs for XRP, Solana, and Cardano. He believes this regulatory milestone is inevitable and would significantly boost the crypto market. Could 2024 be the year the SEC greenlights these groundbreaking ETFs?
Inevitable Crypto ETFs on the Horizon
Following the recent approvals of spot Bitcoin (BTC) ETFs and progress toward Ethereum (ETH) ETFs, Garlinghouse confidently predicted that ETFs for other prominent cryptocurrencies are imminent.
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” he stated. Ripple is notably associated with XRP, its native cryptocurrency.
The recent advancements for ether ETFs have been unexpected, with key filings receiving preliminary approval from the SEC. Final approval is pending before these ETFs can begin trading. Earlier, Coinpedia reported that Cathie Wood, CEO of ARK Invest, credited the approval to the growing political importance of cryptocurrency.
Market Cap to Soar
Garlinghouse’s predictions do not stop at ETF approvals. He also foresees a significant increase in the overall value of the cryptocurrency market. “The Ripple CEO also predicted crypto value would double by the end of 2024, reaching $5 trillion in market cap”.
Such a surge would underscore the increasing adoption and investment in cryptocurrencies, positioning them as a formidable asset class in the global financial system.
SEC’s Role in ETF Approval
The big question remains: Will the SEC approve these ETFs in 2024? The recent approval of Bitcoin and Ethereum ETFs has set a precedent, suggesting that other cryptocurrencies might soon follow. However, the SEC’s rigorous regulatory framework means that the approval process for XRP, Solana, and Cardano ETFs might still need to overcome several hurdles.
If the SEC does approve these ETFs, it could have significant implications for the crypto market. However, this could further legitimize digital assets and accelerate their adoption.
