- Following the Bitcoin ETF approval, crypto experts anticipate the launch of an XRP ETF by May 2024.
- The Chief Investment Officer at Valkyrie Investments believes that an XRP filing is imminent with approval highly likely.
Valkyrie Chief Investment Officer Steven McClurg has predicted that an XRP ETF filing is imminent. He further predicts that following the approval of a spot Bitcoin ETF earlier this week, the XRP ETF will be approved in May 2024.
Prior to the spot Bitcoin ETF being approved, many experts agreed that once a Bitcoin ETF is over the line, altcoins would be next. Ethereum ETF filings have already been completed with financial institutions now taking a focus at Ripple’s XRP.
Investors are aware that this is a great investment vehicle that ushers in a new wave of investment as traditional investors get involved. Grayscale’s inclusion of Ripple in its publicly traded securities trust is one of the key signs that institutions are taking an interest in the new product.
Although the digital asset enjoys regulatory clarity, it remains unclear if the SEC would approve an XRP spot ETF due to SEC Chair Gary Gensler’s “apparent contempt for mostly all digital assets aside from Bitcoin.”
Based on my conversations with industry around this today, there’s definitely differing views on whether or not the @SECGov would approve a single-product $XRP spot ETF.
Bulls argue that XRP is the only digital asset that has received any kind of “regulatory clarity” from the… https://t.co/DcQTuNaKiZ
— Eleanor Terrett (@EleanorTerrett) January 9, 2024
In a recent interview with Fox Business, BlackRock CEO Larry Fink was asked about an XRP ETF but the CEO was quick to state that he couldn’t answer. This has since triggered speculation that the CEO knows more than he is letting on. Having filed for an Ether ETF, BlackRock could become the first company to file for an XRP ETF.
BREAKING 🚨🚨
BlackRock CEO Larry Fink was asked about a “ $XRP ETF” and replied with “I can’t answer that.” It’s clear $XRP is chosen over #BTC
He’s “believer of a stable coin. NOT a Bitcoin, but a stable coin based on a currency. A basket of a world currency”. pic.twitter.com/30Pm6a8osg
— EDO FARINA 🅧 XRP (@edward_farina) January 12, 2024
Ahead of a possible Ripple IPO later this year, the San Francsico-based company is set to repurchase $285 million worth of shares from early investors and employees. The offer drives Ripple’s valuation to $11.3 billion. Many speculate that the company will seek the IPO root once the ongoing case of XRP being a security is over.
XRP Price Breakout on the Horizon
At the time of press, XRP is up by nearly 2%, propelling the digital asset by nearly 4% in its weekly gains. With a market cap of $31,676,399,270, the 6th-ranked cryptocurrency holds great promise for investors in the coming weeks and months.
According to a recent technical forecast by chart specialist Egrag Crypto suggests a potential shift in XRP’s trend. At the time, the 5-day XRP/USD chart analysis highlights the possibility of a significant price breakout with a long-term target exceeding $22.
#XRP: IT IS BREWING🌪️🔥🚀:
The chart for #XRP is tightening up like a pressure cooker ready to blow! An eruption seems inevitable, and the anticipation is rising faster than ever. 📊💥#XRPArmy STAY STEADY, The pressure is mounting, and it looks like something massive is about… pic.twitter.com/soWdUCvGH4
— EGRAG CRYPTO (@egragcrypto) January 2, 2024
However, it is important to be wary of the price underperformance from the last 6 years which has seen XRP fall behind its peers. In the event of a breakout to recent highs, there is a risk of a sell-off as investors take profits. But this will lead to a temporary drop with fundamentals around the project ensuring long-term success.
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