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- Ripple’s legal victory fuels optimism for XRP ETF approvals in the U.S. market.
- XRP gains institutional trust, potentially aiding U.S. digital asset reserve plans.
- SEC case dismissal reduces regulatory pressure, boosting XRP’s market confidence.
In a March 19 interview with Bloomberg Crypto, Ripple CEO Brad Garlinghouse shared strong optimism about the approval of XRP-based ETFs. He pointed to Ripple’s legal win over the Securities and Exchange Commission (SEC) as a major milestone.
Garlinghouse highlighted the significant demand for these ETFs, noting that XRP investment products outside the U.S. already see steady inflows while other crypto funds struggle. He also mentioned that the SEC’s decision to drop its case against Ripple on March 19 reduced much of the regulatory pressure surrounding XRP.
As stated by Garlinghouse, institutions currently have higher levels of confidence concerning the legal aspect of XRP after this settlement. He also pointed out that XRP may find a place in a potential digital asset reserve by the U.S. government.
“I have immense confidence in the ETFs. I think there’s 11 different filings pending with the SEC to launch XRP ETFs. I think those will be live in the second half of this year”.
Brad Garlinghouse, Ripple CEO
Ripple’s Spot ETF Prospects
Additionally, Ten applications for XRP ETF funds are awaiting approval from the SEC. These include suggestions on spot, leveraged, and inverse exchange-traded funds. Recently, Franklin Templeton, one of the biggest asset managers, joined a list of applicants. It has been suggested that Ripple can hasten the process with proper cooperation with the authorities.
This comes as a sign that the market is slowly gaining confidence with more XRP ETFs traded in the market. There is an increased likelihood of XRP ETF approval up to 87% on the Polymarket of crypto prediction. This came after the SEC decided to dismiss its case against Ripple. The general confidence in the token is gradually improving among the investors.
Source: Polymarket
Whales Accumulate XRP Rapidly
Biggest investors, also known as whales, are also buying XRP at an alarmingly high rate. According to data on Santiment, the addresses with at least one million XRP in their wallets increased by 6.5% in the two months. These wallets own 46.4 billion XRP, equivalent to $114 billion. Network interactions have grown rapidly, and unique wallets experienced a sixfold increase in March.
Furthermore, Ripple’s XRP climbed by over 10% after the March 19 regulatory win. It reached as high as $2.57, but after some fluctuations, it settled at $2.45. It can be seen that the token has been up by a further 6% in the last 24 hours. There is still no clear signal of where the market will move next, but investors are becoming more optimistic, which may point to an upward trend.
