With the arrival of Spot Bitcoin ETFs, which were approved by the US Securities and Exchange Commission (SEC) on Wednesday, crypto investors have quickly turned their attention to the next big thing: XRP ETFs. This is gaining momentum now that Steve McClurg, Valkyrie’s Chief Investment Officer (CIO), has lent his voice to the cause.
Valkyrie Exec Says XRP ETF Could Be Next
In a interview with Bloomberg, McClurg reveals that with the approval of Spot Bitcoin ETFs, it is expected that altcoins will soon follow the same path. He explains that attention could be focused on Ethereum, which is currently the second largest cryptocurrency in the space. McClurg expects to see a lot of filings for Ethereum ETFs next.
In addition to the expected ETF filings for Ethereum, the Valkyrie CIO mentions that companies like Ripple’s XRP could be next in line to be approved for an ETF. “I wouldn’t be surprised if we saw Ripple or Ethereum ETFs spotting,” McClurg said during the interview.
While McClurg was optimistic about a potential XRP ETF, he revealed that there was no indication as to whether or not Valkyrie would become involved. Valkyrie, who has been heavily involved with Bitcoin and Ethereum ETFs, has not shown any interest in the altcoin so far.
However, the CIO explained that crypto can be incredibly unpredictable. Given all this, it is impossible to know where the market will ultimately move and what asset managers will be interested in next.
Token price resumes price rally | Source: XRPUSD On Tradingview.com
ETF discussions about altcoins are heating up
The discussions about a possible XRP ETF are not new, especially as the arguments for Bitcoin Spot ETFs have become increasingly heated. As a result, crypto researcher ABS, who is part of the 3T Warrior Academy, gave a overview of what the impact of a possible XRP ETF would be.
ABS explains that this could lead to increased interest from institutional investors, as they could easily gain exposure to the asset with an ETF. Moreover, it would also make XRP mainstream as its marketing would take off. This would obviously increase interest around the world, and finally, XRP ETF would give the crypto a liquidity life.
The effect an ETF would have on the price of the asset can be gauged from what happened in November there were rumors that BlackRock had filed for an XRP ETF. As the rumor spread, the XRP price rose rapidly, before correcting back down once the rumors were dispelled.
Nevertheless, this performance of the altcoin demonstrated the market’s appetite for an XRP ETF. In case of the price of the altcoin Reaching a level of $100 is unlikely to happen again for several years. However, there is no doubt that the adoption of an XRP spot ETF could propel it towards this goal more quickly.
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