With the emergence of the Spot Bitcoin ETF, which received approval from the U.S. Securities and Exchange Commission (SEC) on Wednesday, cryptocurrency investors have quickly turned their attention to the next big thing, which could be the XRP ETF. This phenomenon is accelerating as Steve McClurg, Valkyrie’s Chief Investment Officer (CIO), speaks out on the issue.
Valkyrie Exec Says XRP ETF Could Be Next
In an interview with Bloomberg, McClurg expressed his expectation that altcoins will soon follow the same path with the approval of the Spot Bitcoin ETF. He explains that attention may turn to Ethereum, which is currently the second largest cryptocurrency in the universe. McClurg estimates that there will be a lot of filings for Ethereum ETFs in the future.
In addition to the expected ETF filing for Ethereum, the Valkyrie CIO also noted that something like Ripple’s XRP could be next in line to get ETF approval. “I wouldn’t be surprised to see a Ripple or Ethereum spot ETF,” McClurg said in an interview.
McClurg expressed optimism about a possible XRP ETF, but said there was no indication whether Valkyrie would participate. Valkyrie, which has been heavily involved in Bitcoin and Ethereum ETFs, has so far shown no interest in altcoins.
However, the CIO explained that cryptocurrencies can be incredibly unpredictable. Given this, it is impossible to know where the markets will shake out or what asset managers will be interested in next.
Token price resumes price rally | Source: XRPUSD On Tradingview.com
ETF talks for altcoins are heating up.
Discussion of the XRP ETF is not new. This is especially true as the debate over Bitcoin spot ETFs heats up. As a result, cryptocurrency researcher ABS, part of the 3T Warrior Academy, has provided a summary of the impact of a possible XRP ETF.
ABS explains that interest from institutional investors may increase as they can easily gain exposure to these assets through ETFs. It could also push XRP into the mainstream as marketing begins to take off. This will certainly increase interest globally, and finally, the XRP ETF will provide extended liquidity life to the cryptocurrency.
The impact of ETFs on asset prices can be measured by what happened in November, when BlackRock was rumored to have applied for an XRP ETF. As the rumor spread, the price of
Nonetheless, this altcoin performance showed that the market is ready for an XRP ETF. If the price of an altcoin ever reaches $100, that likely won’t happen in the next few years. However, there is no doubt that the approval of an XRP spot ETF will help drive faster progress toward this goal.
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