After the latest FOMC meeting decision to leave the interest rates alone for the moment, the broader crypto markets reacted with a slight rebound rally for most large-cap coins. Yesterday, Ripple (XRP) stood out as the top gainer of the day, when Ripple’s Chief Executive Officer Brad Garlinghouse publicly declared that the Ripple vs. the SEC case is officially over.
Moreover, the pioneering altcoin’s parent company Ripple Inc. is showing confidence in the likelihood of an XRP ETF by the end of the year. In an interview for Bloomberg earlier this week, Ripple CEO Brad Garlinghouse explained that the previous administration of SEC, particularly Gary Gensler, wanted a “power grab”.
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In stark contrast, the current U.S. Securities and Exchange Commission (SEC) opened doors for collaborative discussions with crypto firms, looking for a compromise to keep the emerging technology in the United States. On top of that, Ripple’s CEO declared he has immense confidence in the XRP ETF launching as soon as the second half of 2025.
Mr. Garlinghouse named Bitwise, Franklin Tampleton, but didn’t dare to predict which out of 11 XRP ETF applications would see the light of day first. Recognizing the massive ETF related outflows over the past months, Ripple CEO sees it as a “great opportunity for the builders globally”.
How Much XRP Is Included In The U.S. Crypto Reserve?
As crypto regulation practices in the United States are becoming more lenient in order to work out a comprehensive regulatory framework, Ripple’s native coin is also among the key pretenders to end up in the nation’s crypto stockpile.
The digital reserve, a stockpile made out of mixed crypto currencies, will highly depend on what assets are seized by the government, according to Brad Garlinghouse. Additionally, Ripple’s CEO considers this to be a satellite fund in addition to the Bitcoin Strategic Reserve, which would make up only Bitcoin (BTC) assets.
Meanwhile, Ripple (XRP) found a strong consolidation point at $2.40, as the XRP Army awaits updates on the XRP ETF status. Ripple’s President Monica Long hinted at progress behind closed doors on Thursday, as 21Shares, Bitwise, and Grayscale recently filed applications for an XRP-based ETF product, but also refrained from naming a top candidate.
On The Flipside
- Some of the renewed enthusiasm in Ripple (XRP) this week came after the fake news of an Ripple x SWIFT partnership has quickly spread across the web.
- The news was initially spread by a popular crypto media outlet, later stating that their social media accounts were hacked to spread the SWIFT & XRP rumor.
Why This Matters
An anticipated timeline for XRP ETF, as well as more comprehensive crypto regulation helps understand the magnitude of the ongoing global blockchain adoption.
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