Ripple CEO Brad Garlinghouse says an XRP ETF is “inevitable.”
Ripple Labs CEO Brad Garlinghouse believes that it is only a matter of time before the company launches an ETF for XRP.
Speaking in an interview with Bloomberg Television, Garlinghouse expressed confidence that the XRP ETF will eventually be approved, marking a major milestone for Ripple amid its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
“It’s inevitable,” Garlinghouse said, noting the growing demand for crypto-backed ETFs, noting the massive inflows into Bitcoin ETFs following their approval earlier this year.
“Since the funds holding bitcoin were first approved in January, $17 billion has flowed into the fastest-growing ETF in history,” Garlinghouse said. “This clearly shows that there is demand from institutions and retailers to access this asset class.”
Earlier in October, Bitwise Asset Management Inc. became the first firm to file with the SEC for an ETF tracking XRP, currently the world’s seventh-largest cryptocurrency. Shortly after, Canary Capital Group, a digital asset-focused investment firm founded in September, also filed for a similar product, the Canary XRP ETF.
Garlinghouse noted that the approval of crypto ETFs signals a trend toward increased institutional participation in the digital asset space: “It puts upward pressure on prices for a lot of different cryptos, including XRP,” he said. *Not investment advice.