Key Takeaways
Ripple CEO expects multiple XRP ETFs to launch in the second half of 2024 with 10 applications pending approval.
Current US administration has improved relations with Ripple, leading to potential advancements in crypto-related policies.
Multiple XRP ETFs will make their US market debut in the second half of this year, said Ripple CEO Brad Garlinghouse in a Wednesday interview with Bloomberg Crypto after the SEC reportedly wrapped up its long-standing legal dispute with Ripple.
“I have immense confidence on the ETF,” said Garlinghouse, when asked about his confidence in XRP’s prospects, specifically whether XRP is being considered as part of a government and the likelihood of an XRP ETF being approved.
Different XRP ETF applications, covering spot, leveraged, and inverse strategies, are currently under review by the SEC. Among issuers, Franklin Templeton is one of the largest asset managers. Franklin is also the latest to join the race.
“I think those will be live in the second half of this year,” said Garlinghouse.
Ripple CEO noted that XRP-based ETPs outside the US are already seeing inflows while other crypto ETFs experience outflows.
“I think that’s because you had this false negative pressure from the SEC, this kind of an exogenous hand holding things down that’s now being released,” he said.
The positive resolution announcement in the SEC vs. Ripple case triggered a remarkable market reaction on Wednesday.
On the prediction market Polymarket, the odds of an XRP ETF being approved in 2025 surged to 86%, while XRP increased 14%, reaching a high of $2.57 in the immediate aftermath, according to CoinGecko data.
Discussing the US government’s planned crypto stockpile, Garlinghouse explained that seized digital assets, including XRP, would be incorporated alongside a separate Bitcoin strategic reserve.
“My understanding is that the stockpile will be represented by seized other cryptos other than Bitcoin that then will be in that stockpile,” Garlinghouse said.
“So to the extent that various law enforcement agencies have seized cryptos, which would include XRP, those would go into the stockpile in addition to the Bitcoin strategic reserve,” he added.
Under the executive order signed by President Trump on March 6, all executive agencies must provide a full accounting of their digital asset holdings to the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets.
The order also involves auditing the government’s seized crypto holdings, which have not been fully audited previously.
The order explicitly states that assets in the US Digital Asset Stockpile can be sold under certain conditions, such as through the Secretary of the Treasury’s lawful authority.
Trump previously stated that Ethereum, XRP, Solana, and Cardano would be included in the national crypto stockpile.
However, David Sacks, the White House’s AI and crypto czar later clarified that these crypto assets were mentioned due to their dominant market capitalizations.