Valkyrie Exec Expects SEC To Approve XRP ETF, Can This Push Price To $100?
January 11 2024 - 6:00PM
NEWSBTC
With the advent of Spot Bitcoin ETFs which were approved by the
United States Securities and Exchange Commission (SEC) on
Wednesday, crypto investors have quickly turned their attention to
the next big thing which might be XRP ETFs. This is picking up
steam as Steve McClurg, Chief Investment Officer (CIO) for
Valkyrie, has lent his voice to the cause. Valkyrie Exec Says XRP
ETF Could Be Next In an interview with Bloomberg, McClurg reveals
that with the approval of Spot Bitcoin ETFs, the expectation is
that altcoins will soon follow the same path. He explains that
attention could be turned to Ethereum, which is currently the
second-largest cryptocurrency in the space. McClurg figures that a
lot of filings are going to be submitted for Ethereum ETFs after
this. Related Reading: Coinbase Expects A Repeat Of 2018-2022
Bitcoin Cycle, What This Means For Crypto Beyond the expected ETF
filings for Ethereum, the Valkyrie CIO mentions that the likes of
Ripple’s XRP could be the next in line to get approved for an ETF.
“It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out
there,” McClurg said during the interview. Although McClurg showed
optimism regarding a possible XRP ETF, he revealed that there was
no indication of whether Valkyrie was going to get involved in it
or not. Valkyrie, who has been heavily involved in 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 this, it is impossible to know where the
market will end up swinging and what asset managers will take an
interest in next. Token price resumes price rally | Source: XRPUSD
On Tradingview.com ETF Talks For Altcoins Heat Up The discussions
for a possible XRP ETF are not new, especially as the arguments for
Bitcoin Spot ETFs heated up. As a result, crypto researcher, ABS,
who is part of the 3T Warrior Academy gave a rundown of what the
impact of a possible XRP ETF would be. ABS explains that this could
give rise to more interest from institutional investors as they
could easily gain exposure to the asset with an ETF. Additionally,
it would also propel XRP into the mainstream as marketing would
take off. This would obviously increase interest around the world,
and finally, XRP ETF would give the crypto a liquidity life-off.
Related Reading: Crypto Analyst Identifies XRP Bear Flag To Trigger
A Massive Crash To $0.07 The effect that an ETF would have on the
price of the asset can be gauged by what happened in November when
rumors emerged that BlackRock had applied for an XRP ETF. As the
rumor spread, the XRP price surged rapidly, before correcting back
downward once the rumors were dispelled. Nevertheless, this
performance from the altcoin showed the readiness of the market for
an XRP ETF. In the case of the altcoin’s price reaching as high as
$100, it is likely not happening in the next few years. However,
there is no doubt that the approval of an XRP spot ETF would help
propel it faster toward this goal. Follow Best Owie on X (formerly
Twitter) for market insights, updates, and the occasional funny
tweet… Featured image from Coinmarketcap, chart from
TradingView.com
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