As the crypto community reels from the aftereffects of yet another historic moment, here comes an astounding prediction. Just yesterday, the SEC greenlighted the listing of eight spot Ethereum ETFs. Who’s next? Standard Chartered thinks Solana and XRP.
Also Read: SEC Approves All Spot Ethereum ETFs
The prediction centers around the much-anticipated bull run of 2024. The trading of these spot Ether ETFs is expected to start as soon as next month, and experts are forecasting around $50 billion in inflows for the products in the first twelve months.
Expert Says XRP and SOL ETFs Are Coming in 2025
Geoffrey Kendrick, a top analyst at Standard Chartered Bank, confidently said that crypto ETFs might see a new phase in 2025. The expert reportedly believes XRP and Solana ETFs will be approved next year. In his words:
For other coins like SOL, XRP, markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story not a 2024 one.
Kendrick
It is generally understood that the SEC’s approval for Ether ETFs implies that Ethereum cannot be classified as a security. According to Kendrick’s deducement, XRP and Solana, which are Ethereum-like altcoins, can’t be securities either. Moreover, the crypto industry now appears to have political backing from both the liberal and conservative sides in the United States.
Community Gets Excited for XRP ETF
Meanwhile, the crypto community has taken Kendrick’s prediction as well as it could. Right now, the phrase “XRP ETF” is trending worldwide on X (formerly known as Twitter), with posts about the product’s concept and potential flying through the roof.
Ripple CEO Brad Gralinghouse has said that an XRP ETF is “inevitable at this point” following the Ether ETF approval. Valkyrie’s CIO, Steve McClurg, said the concept of an XRP ETF is a matter of ‘when’ and not ‘if.’
Big momentum in crypto this week – ETH ETF passed and bipartisan support on crypto legislation. It feels like hell has frozen over!!
Brad Garlinghouse
Also Read: XRP Ledger On-Chain Transactions Surge 108% in Q1
Crypto Markets Tumbled Post-ETF Approval
Amid the hype and the excitement, crypto markets have tumbled following the approval. Experts believe the reaction to be normal. XRP, which has performed quite negatively for the better part of two years now, is stuck in the red along with Bitcoin and Ethereum.
Solana, the best-performing cryptocurrency of the past year, was also swept by the bearish wave and uncharacteristically tumbled alongside its peers. It is believed that in a week, after the ETFs start trading, the market will see a reversal in price actions, with the bulls flipping the script on the bears.
In related developments, Coinbase, the largest crypto exchange in the United States, announced that XRP trading is now available again in New York after prolonged efforts to get a nod from the State authorities.
Cryptopolitan reporting by Jai Hamid
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