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Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Ripple XRP Ledger

XRP ETF Is ‘Around the Corner,’ Claims Uphold Research Chief

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The XRP price showed a new sign of life on Monday when the cryptocurrency surged more than 27% from its intraday low, breaking past numerous resistance levels to set a new yearly high above $0.745. This leap in price has not only caught the eye of investors but also sparked discussions around the future of the asset, particularly concerning the potential launch of an exchange-traded fund (ETF).

Martin Hiesboeck, Head of Research at Uphold Exchange, has been particularly vocal about the developments in the ecosystem. Reflecting on the asset’s recent performance, Hiesboeck credited the positive momentum to “increased development on XRP since the lawsuit was settled,” referencing the regulatory clarity obtained last year.

He further hinted at the proximity of an ETF by stating, “We are finally seeing the fruits of increased development on XRP since the lawsuit was settled. An XRP ETP is around the corner, too. There is life in the old girl.”

We are finally seeing the fruits of increased development on $XRP since the lawsuit was settled! An XRP ETP is around the corner too. There is life in the old girl.

— Dr Martin Hiesboeck (@MHiesboeck) March 12, 2024

The Rocky Road To An XRP ETF In The US

The anticipation of an ETF stems from the broader expansion of the ecosystem. Developments such as the soon to be activated Automated Market Maker (AMM) for the XRP Ledger (XRPL) and the Ethereum-compatible sidechain, which is currently being tested.

Related Reading: XRP Whales Make A Splash: $46 Million Ripple Across Markets, Igniting Speculation

Despite the excitement, the path to an ETF in the United States remains speculative, with major asset managers like BlackRock adopting a cautious stance. However, industry optimism is palpable, with figures such as Ripple CEO Brad Garlinghouse and Valkyrie’s Steve McClurg expressing confidence in the inevitability of an ETF.

In an interview three weeks ago, Garlinghouse welcomed the idea of an ETF, suggesting that the evolution of crypto ETFs follows a natural progression toward diversification and maturity in the investment landscape. “I think it only makes sense,” he stated, drawing parallels to the early days of the stock market, where diversification was not just a strategy but a necessity for managing investment risk.

Related Reading: XRP Price To Hit $3.4, Crypto Expert Reveals When

“There will be other ETFs […] And so I think we will see other ETFs; when we will see them is hard to predict,” Garlinghouse added. Echoing Garlinghouse’s optimism, Valkyrie’s executive Steve McClurg remarked in a January interview, “You know I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress.”

Remarkably, experts, including Bloomberg’s Eric Balchunas, have recently lowered the odds of a spot Ethereum ETF to 35% due to the latest events. An XRP ETF only seems likely if the largest altcoin by market capitalization paves the way.

Internationally, the scenario appears more favorable for investment vehicles based on the asset, with products like an exchange-traded product (ETP) already listed on the Swedish Stock Exchange and 21Shares Ripple XRP ETP in Europe, which tracks the performance of the cryptocurrency.

At press time, XRP traded at $0.68775.

XRP price
Price hits new yearly high, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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