Ripple CEO Predicts XRP & Few Other Cryptos As Next To Get ETF Approval

Ripple CEO Brad Garlinghouse has recently sparked optimism within the crypto community with his bold predictions about crypto ETFs. Speaking at Consensus 2024, Garlinghouse voiced his confidence that XRP, Solana, and Cardano will be the next cryptocurrencies to receive U.S. regulatory approval, following the SEC’s recent approval of the Spot Ethereum ETF. This forecast has generated significant excitement, suggesting a potential shift in the crypto market landscape.

Ripple CEO Brad Garlinghouse’s Bold Forecast

The SEC’s approval of the Ethereum ETF last week has significantly boosted market sentiment. Fueling discussions, Ripple’s CEO Brad Garlinghouse says that this is just the beginning.

During his appearance at the Consensus 2024 conference, he predicted that XRP, Solana, and Cardano ETFs would follow suit. Notably, he said that these cryptos will receive approval for the ETFs in the coming days. Notably, the Ripple CEO has also previously predicted approval for the XRP ETF earlier this year.

Meanwhile, this prediction aligns with Ark Invest CEO Cathie Wood’s outlook. Wood mentioned in a recent interview that the approval of Ethereum ETFs is closely linked to the upcoming U.S. presidential election. In addition, she suggested that Solana might receive SEC approval soon.

However, she expressed skepticism about meme coin ETFs gaining similar approval. Notably, the cryptocurrency market has been eagerly watching these developments, as they could set the stage for broader acceptance of various cryptocurrencies.

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Strategic Moves Amid Regulatory Challenges

Despite the bullish forecast, Brad Garlinghouse acknowledges that significant regulatory hurdles remain. He criticized the lack of clarity from the SEC, particularly regarding the status of Ether as a security.

In addition, he pointed out that SEC Chair Gary Gensler has been evasive when questioned about Ether’s classification. This ambiguity, according to Garlinghouse, is a major hindrance to cryptocurrency innovation in the U.S. Notably, several market experts have slammed the SEC and Gary Gensler for their stance on crypto regulation and the digital asset sector.

Meanwhile, Garlinghouse highlighted a key incident, where Ripple accessed confidential SEC emails and notes. These documents revealed internal discussions about Ether’s security status, stemming from William Hinman’s 2018 speech, which declared Ether not a security. Garlinghouse argued that the SEC’s stance has become a political liability, even affecting the presidential race.

Despite these challenges, Ripple has been strategically expanding its operations outside the U.S. Last year, 75% of Ripple’s hiring occurred abroad, with major offices now in London, Geneva, and Singapore. This year, the figure stands at 60%.

Meanwhile, XRP price has recovered from the recent dip and soared 0.93% to $0.5204 during writing. Over the last 24 hours, the crypto has touched a high of $0.5258, as the investors might have lauded the recent bold statement of Ripple CEO Brad Garlinghouse.

Also Read: Cardano’s Charles Hoskinson Draws Interest From Argentina President Amid Crypto Talks

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.