- Valkyrie Funds CIO Steven McClurg believes Ripple XRP exchange-traded funds (ETFs) could be approved soon, citing Grayscale’s recent addition of XRP to a publicly traded trust.
- An SEC-approved XRP ETF would bring more legitimacy and adoption for the cryptocurrency from mainstream investors, likely causing the price to “explode.”
- While no concrete XRP ETF applications have been filed yet, McClurg sees progress with Bitcoin and Ethereum ETFs as a positive indicator that innovation will continue in the crypto ETF space.
Valkyrie Funds Chief Investment Officer Steven McClurg recently stated that he believes Ripple XRP exchange-traded funds (ETFs) could be approved soon. His comments come as the crypto industry awaits decisions on spot Bitcoin and Ethereum ETFs.
McClurg’s Comments on Potential XRP ETFs
In an interview with Bloomberg, McClurg said he “wouldn’t be surprised if we began seeing not just more Ethereum ETF applications, but Ripple XRP ETFs on the market.”
He pointed to Grayscale’s recent addition of XRP to one of its publicly traded trusts as a sign that XRP ETFs are a possibility. “It wouldn’t surprise me if we saw Ripple or Ethereum Spot ETFs out there,” McClurg stated.
The Potential Impact of an XRP ETF
An SEC-approved XRP ETF would be significant for the third largest cryptocurrency by market cap. It would increase XRP’s legitimacy in the eyes of mainstream investors and open the doors for further crypto adoption in traditional finance.
McClurg believes an XRP ETF filing would likely cause the price of XRP to “explode” as it did for Bitcoin when the first futures ETFs were approved. The price impact could be amplified by Ripple’s ongoing legal battle with the SEC, which has cast uncertainty over XRP’s regulatory status.
While no concrete XRP ETF applications have been submitted yet, McClurg sees recent progress with Bitcoin and Ethereum ETFs as a positive sign. He expects further innovation in the crypto ETF space if spot Bitcoin funds are approved.
Conclusion
The approval of a Ripple XRP spot ETF would represent a major milestone for the cryptocurrency industry. Valkyrie’s CIO believes the chances of XRP ETFs are rising, which could dramatically impact XRP’s price and standing within the traditional finance world. For now, the market awaits the SEC’s decisions on spot Bitcoin and Ethereum funds, which may set the stage for an XRP ETF.
