Ripple CEO’s Perspective on XRP ETF : Weighs in on Regulatory Factors
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The XRP price has exhibited remarkable stability, maintaining a range between $0.30 and $0.90 for over a year, with its current position at $0.60. Ripple CEO Brad Garlinghouse’s recent interview at Paris Blockchain Week has stirred XRP investor interest after he mentioned the potential for an XRP exchange-traded fund (ETF) amid regulatory clarity.
Will XRP Break or tank? Let’s analyze the prospects.
XRP ETF’s Possible, If?
Garlinghouse underscored that, among cryptocurrencies, only Bitcoin and XRP currently possess such regulatory clarity in the US. While Ethereum seeks ETF approval, analysts remain skeptical about its prospects, citing a diminishing likelihood of success at 35%.
He highlighted the significance of diversification in the crypto market, particularly emphasizing XRP’s unique position amidst Ripple’s legal battle with the SEC. He believes this regulatory clarity could benefit XRP’s future financial products, such as ETFs. Having said that, while ETFs are a lucrative tool to shoot prices to the moon, there is also concern that without SEC clarity, XRP ETFs will be yet another mess.
XRP Price Analysis
After 11 spot Bitcoin ETF’s approval, XRP has also shown a strong comeback like all altcoins. From a technical perspective, XRP is showing a bullish triangle pattern, indicating a potential breakout towards $1.10 in the future. However, given the absence of a convergence point until 2024, XRP may continue to consolidate within this pattern. Despite Garlinghouse’s optimism and the positive technical setup, uncertainties persist regarding the timing of XRP’s breakout from its long-term range.
This consolidation phase could prolong throughout the year, awaiting regulatory developments to provide clearer direction. As the XRP price remains within its established range, investors await further developments, including potential ETF approvals, which could serve as catalysts for significant price movements.
Also Check Out : Ethereum (ETH) Price Gears Up for Another Rally to $5,000 Fueled by Bitcoin Halving FOMO
On the Flip Side
Brad Garlinghouse’s comments highlight a potential shift for XRP ETFs in the US. However, the ongoing SEC lawsuit against Ripple could still delay XRP’s ETF approval despite Garlinghouse’s belief in “regulatory clarity.”
Plus, the success of Ripple’s stablecoin faces uncertainty, given competition from established market players. This situation matters because, despite regulatory challenges, XRP’s regulatory status could give it an advantage over other cryptocurrencies like Ethereum in the ETF approval process.
Read More : Ripple vs. SEC: Ripple’s Path Forward After SEC vs. Govil Appeal
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