The XRP community is getting excited again, as an XRP ETF seems closer than ever. A top executive at Valkyrie, the firm that led the Bitcoin spot ETF charge, recently dropped a hint that an XRP ETF could be joining the party soon.
This exciting news came from Valkyrie’s Chief Investment Officer, Steve McClurg, during a recent Bloomberg interview.
The conversation in the interview revolved around the approval of Bitcoin spot ETFs, which played out recently. Naturally, the journalist’s curiosity shifted to what lies beyond Bitcoin for these investment vehicles.
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An Impending XRP ETF?
She asked McClurg how long it would be before the crypto industry would get similar spot products for altcoins. McClurg stated, “I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple (XRP) given the recent progress.”
One recent key development is Grayscale’s bold move of reintroducing XRP into its publicly traded Digital Large Cap Fund. As McClurg aptly noted, “It wouldn’t surprise me if we saw Ripple (XRP) or Ethereum spot ETFs out there.”
Grayscale’s decision sent shockwaves through the crypto community. The company had cut ties with XRP in 2021 amid the SEC’s lawsuit. But the tides have turned. Thanks to the court ruling from July last year deeming XRP not a security, Grayscale confidently brought it back into the fold.
A few days prior, Grayscale gave XRP a remarkable vote of confidence when it sponsored the digital asset’s price coverage alongside Bitcoin and Ethereum on a CNBC broadcast. This flurry of activity, coupled with Grayscale’s existing Bitcoin and Ethereum spot ETF applications, has fueled speculation about an XRP ETF being just around the corner. McClurg’s words have also strengthened the speculation.
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Is Valkyrie Joining the XRP ETF Race?
Talking about Valkyrie joining the race, McClurg stated, “I really don’t know if we’re going to do that or not.” While McClurg remained non-committal about Valkyrie specifically filing for an XRP ETF, he acknowledged the unpredictable nature of the financial market.
What does this all mean for XRP? The stars seem to be aligning, and McClurg’s interview will strengthen the faith of the XRP army.
At the time of writing, XRP is trading at $0.6027, with a relatively 6% price increase in the last 24 hours. The current rise in its price has been largely attributed to the recent approval of Bitcoin ETFs by the SEC.
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