Ripple CEO forecasts approval of ETFs for XRP, Solana, and Cardano by end of 2024

Ripple CEO Brad Garlinghouse has made a bold prediction about the future of cryptocurrency exchange-traded funds (ETFs).

Speaking at the Consensus 2024 conference in Austin, Texas, Garlinghouse forecasted that ETFs for XRP, Solana, and Cardano are on the horizon, a development he believes is inevitable and poised to significantly boost the crypto market.

Anticipation builds for crypto ETFs

Following the recent approvals of spot Bitcoin (BTC) ETFs and ongoing progress toward Ethereum (ETH) ETFs, Garlinghouse confidently asserted that similar products for other prominent cryptocurrencies are imminent.

Garlinghouse said:

I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.

Ripple, known for its association with XRP, sees these potential ETFs as a major step forward.

The recent advances in ether ETFs, which have received preliminary approval from the SEC, set a precedent that bolsters Garlinghouse’s optimism. The final approval for these ETFs is pending, but their anticipated launch has already stirred positive sentiment in the market.

Market cap projections and SEC’s role

Garlinghouse’s optimism extends beyond ETF approvals. He predicts a significant increase in the overall value of the cryptocurrency market, estimating that the market cap could double by the end of 2024 to reach $5 trillion.

Such growth would highlight the increasing adoption and investment in cryptocurrencies, further cementing their position as a key asset class in the global financial system.

The role of the U.S. Securities and Exchange Commission (SEC) remains critical in this scenario.

The recent approvals for Bitcoin and Ethereum ETFs have set a positive tone, but the rigorous regulatory framework means that ETFs for XRP, Solana, and Cardano will face several hurdles before approval.

However, if the SEC does approve these ETFs, it could legitimize digital assets further and accelerate their adoption.

Ripple’s ongoing legal battles and market positioning

Garlinghouse’s comments come at a pivotal time for Ripple, which is navigating a lengthy legal battle with the SEC over whether XRP is a security.

Despite regulatory uncertainties, Garlinghouse remains confident that the SEC will eventually approve ETFs for XRP, Solana, and Cardano.

He acknowledged the potential regulatory challenges, noting that the approval process might be lengthy, similar to the drawn-out approvals for spot Bitcoin and Ethereum ETFs.

Garlinghouse has been a vocal critic of the U.S. regulatory environment for cryptocurrencies, arguing for clearer and more supportive regulations.

He has consistently lobbied for legislative changes and urged bipartisan cooperation from lawmakers.

These efforts appear to be bearing fruit, with recent legislative developments such as the FIT21 bill incorporating significant input from the crypto industry, which could benefit Ripple in its legal battles.

Political and industry dynamics

The growing political importance of cryptocurrency has been underscored by industry players like Cathie Wood, CEO of ARK Invest, who credited the approval of Ethereum ETFs to this factor.

The involvement of major financial entities and increased lobbying efforts have also highlighted the sector’s expanding influence.

Garlinghouse has emphasized the need for the crypto community to shape regulatory outcomes actively.

He called on political leaders, particularly Democrats, to move away from anti-crypto rhetoric and work with Republicans to foster innovation in the crypto space.

He believes that with the right regulatory framework, the potential for growth and innovation in the cryptocurrency market is immense.

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