With the recent approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), the focus of crypto investors has now shifted to the possibility of XRP ETFs. Steve McClurg, the Chief Investment Officer (CIO) for Valkyrie, believes that altcoins like Ethereum and Ripple’s XRP might be the next in line to get approved for an ETF.
Steve McClurg, in an interview with Bloomberg, highlighted that with the approval of Spot Bitcoin ETFs, it is expected that altcoins will soon receive a similar approval. He specifically mentioned Ethereum as a potential candidate for ETF filings. McClurg’s statement indicates that the recent development in the ETF space has opened up possibilities for other cryptocurrencies to gain attention from institutional investors.
While discussing the potential for altcoin ETFs, McClurg also mentioned Ripple’s XRP as a possible contender for an ETF approval. He stated, “It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.” This statement reflects the growing interest and demand for XRP ETFs within the crypto community.
Despite expressing the possibility of XRP ETFs, McClurg clarified that Valkyrie has not shown any interest in the altcoin so far. He emphasized that the cryptocurrency market is highly unpredictable, and it is challenging to predict where asset managers will direct their attention in the future. This uncertainty adds an element of excitement but also caution when considering potential investment opportunities.
ABS, a crypto researcher from the 3T Warrior Academy, provided insights into the potential impact of XRP ETFs. An XRP ETF would attract institutional investors who are looking for convenient exposure to the asset. Additionally, the marketing around the ETF would bring XRP into the mainstream, increasing global interest. Moreover, the liquidity of XRP would significantly improve with the introduction of an ETF.
Past market movements indicate the readiness of investors for an XRP ETF. In November, when rumors circulated about BlackRock applying for an XRP ETF, the price of XRP experienced a rapid surge. Although the rumors turned out to be false, this incident demonstrated the potential market demand for an XRP ETF. While a $100 price target for XRP may not be achievable in the near term, the approval of an XRP spot ETF would undoubtedly accelerate its growth trajectory.
The recent approval of Spot Bitcoin ETFs has sparked discussions about the possibility of XRP ETFs. Steve McClurg’s comments suggest that altcoins like Ethereum and Ripple’s XRP could follow in Bitcoin’s footsteps and gain approval for ETFs. While the crypto market remains uncertain, the potential for XRP ETFs offers both excitement and opportunities for investors. As always, it is crucial to conduct thorough research and carefully evaluate the risks before making any investment decisions.