Despite years of legal battles with the US Securities and Exchange Commission (SEC), Ripple Labs CEO Brad Garlinghouse remains optimistic about the possible approval of the XRP ETF in the United States.
Garlinghouse’s confidence comes at a time when the cryptocurrency market is seeing increased institutional interest, particularly following the successful launch of the Bitcoin ETF earlier this year.
Ripple CEO Confident In XRP ETF Potential After Success of Bitcoin ETF
The latest interview via Bloomberg Television, Garlinghouse highlighted the significant inflow of funds into the Bitcoin ETF since its approval in January, which has seen nearly $17 billion invested, making it the fastest-growing ETF in history.
Garlinghouse emphasized that this attack reflects strong demand from both institutional investors and traders for access to digital assets. “It clearly shows that there is a need for centers and shops to get this category of goods,” he said.
The XRP ETF push gained momentum earlier this month when Bitwise became the first company to file with the SEC the XRP ETF, the world’s seventh largest cryptocurrency by market capitalization.
Following this, Canary Capital Group, a newly established digital investment firm, has re-submitted its bid for the Canary XRP ETF.
Increasing Demand for Crypto ETFs and Growing Institutional Interest
During the interview, Garlinghouse also commented on the SEC’s previous resistance to approving Bitcoin exchange-traded funds, saying that the US SEC was “dragged, kicked, and screamed” to approve the Bitcoin ETF market back in January of this year.
The growing demand for cryptocurrency ETFs is part of a larger trend that shows more institutional participation in the crypto market, Garlinghouse noted.
Ripple’s CEO also believes that this institutional interest may create upward pressure on the prices of various cryptocurrencies, including XRP.
At the time of writing, XRP is trading at $0.5172, down about 3% in the last 24 hours.
Featured image from DALL-E, chart from TradingView.com
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