Monica Long, the president of Ripple, in a recent interview with CNBC, stated that an exchange-traded fund (ETF) for XRP would make "a lot of sense". The optimism and advocacy for an XRP ETF come in chorus with market voices who have been wanting the same.
"Think about it: the only cryptocurrencies with clear regulatory status in the United States are XRP and Bitcoin. According to market capitalization, XRP is in the top 10 assets, and based on daily traded volume, it is in the top 5. Thus, I believe it will make great sense," she remarked.
Ripple CEO Brad Garlinghouse Discusses the Possibility of an XRP ETF
Long's comments come in tandem with Ripple CEO Brad Garlinghouse, who recently voiced out about XRP ETF's being inevitable. The CEO of XRP developer Ripple stated that while he thinks a wave of cryptocurrency exchange-traded funds (ETFs)—including those for Ethereum, XRP, Solana, and Cardano—is "inevitable" ahead of bitcoin's most recent surge higher, he also cautioned that regulation for the same will be "critical."
The cryptocurrency sector has been waging a protracted campaign to persuade the U.S. Securities and Exchange Commission (SEC) to amend its regulatory rule book for cryptocurrencies, with the support of major exchange Coinbase, asset management Grayscale, and cryptocurrency platform Ripple.
Will XRP Surge After Getting an ETF?
At present, XRP stands as one of the most powerful cryptocurrencies in play. With $29.1 billion in market capitalization, XRP is now the eighth-largest cryptocurrency, with an average daily trading volume of roughly $917.5 million.
These figures demonstrate the high level of trading activity and interest in XRP, suggesting the possible influence of an ETF on the dynamics of the market. The legal landscape is changing, and Ripple's leadership has endorsed an XRP ETF, so the future of cryptocurrency exchange-traded funds is bright.
An ETF, just like Bitcoin will likely make the prices of XRP skyrocket, giving a good bull run to the market that has been relatively stagnant for several months. The current price of Ripple is $0.526592, according to real-time XRP to USD price update. The market mood on Ripple is Neutral Bullish, according to technical indicators, with a score of 78 (Extreme Greed) on the Fear & Greed Index. In the past 30 days, Ripple has had 1.92% price volatility and 15/30 (or 50%) green days.
The technical analysis of projected 2024 XRP values indicates that $0.492 will be the minimum price of XRP. The price of XRP can go as high as $0.706 at most. An average trade price of approximately $0.599 is anticipated.
