XRP is entering a transformative period with the introduction of Spot XRP ETFs, and Ripple CEO Brad Garlinghouse anticipates that this development will trigger a rush towards the cryptocurrency.
Garlinghouse’s optimistic comments come as XRP struggles with bearish price movements. In recent days, the cryptocurrency has exhibited a downtrend, prompting traders to evaluate the implications of the newly launched Bitwise Spot XRP ETF on the New York Stock Exchange.
Ripple CEO’s Bold ETF Predictions
The market is still adjusting following the launch of Bitwise’s Spot XRP ETF, which signifies enhanced institutional access to the digital asset. Alongside this, Bitwise’s product joins Canary’s XRPC ETF on NASDAQ, marking the second U.S.-based Spot XRP ETF to go live.
This development places XRP in a more exclusive class of cryptocurrencies that have secured full exchange-listed status within the United States. The emergence of a second fully regulated product signifies that the XRP ETF framework is just beginning to take shape. It illustrates that potential issuers are gaining confidence in the regulatory landscape around XRP, which has experienced its share of uncertainty over the years.
In his reactions to Bitwise’s launch shared on the social media platform X, Garlinghouse described this moment as a pivotal turning point that might ignite renewed interest in XRP ETFs.
His remarks included a mix of congratulations to Bitwise and an indication that further activity may ensue, positioning this launch as part of a broader movement within the XRP investment ecosystem. “The pre-Thanksgiving rush (shall we say, ‘turkey trot’!?) for XRP ETFs starts now,” he stated.
Implications of the ETF Rush on XRP’s Future
The critical question now concerns how this new ETF environment will shape XRP’s market dynamics. During its initial trading phase, Bitwise’s XRP ETF attracted $105.36 million in inflows, elevating the total net influx for XRP ETFs to $410.76 million.
Despite these promising numbers, XRP’s price action has not displayed the explosive rally that some analysts had anticipated around the ETF launches. The token’s value has dipped below the $2 mark, raising questions about the potential impact of these new investment channels.
However, new phases of momentum could be on the horizon, as several additional XRP ETFs are poised to launch in the coming days. Among the most closely watched is the Grayscale XRP Trust ETF, which Bloomberg Intelligence analyst James Seyffart has confirmed is set to begin trading as early as Monday, November 24th, alongside Grayscale’s Dogecoin ETF. Seyffart also highlighted the anticipated debut of Franklin Templeton’s XRP ETF on the same day. The clustering of these launches, occurring just days apart, mirrors the surge of products Garlinghouse alluded to as the “pre-Thanksgiving rush for XRP ETFs.”
