Ripple President Makes a Case for an XRP ETF as Stablceoin Nears
The last several months have not been great for Ripple (XRP). The asset has failed to build any momentum and has been stuck between $0.50 and $0.52. However, that could be set to change with some important developments coming to the ecosystem. Indeed, Ripple President Monica Long has recently made the case for an XRP ETF while discussing the company’s impending stablecoin.
Speaking to CNBC, Long talked about the various projects in the pipeline for the cross-border payment company. Furthermore, she was asked about the growing landscape of crypto-based ETFs. In response, she delved into why XRP should be among the top digital assets considered for the investment vehicle.
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Ripple President Says XRP ETF ‘Makes A Lot of Sense’
Heading into 2023, the digital asset market had high hopes for Ripple (XRP). With the midpoint of the year fast approaching, it has thus far failed to meet those expectations. Yet, there is still time for the asset to turn around. Moreover, the future has never looked brighter for the token.
Speaking to CNBC, Ripple President Monica Long discussed the prospects of an XRP ETF, while delving into the company’s impending stablecoin. Speaking on the latter, she noted that it was still being developed while meeting all the requirements to bring such a product to market.
Alternatively, she was asked about the possibility that XRP follows Bitcoin and Ethereum in receiving an ETF. Specifically, she highlighted the realities that make the token one of the most promising investment products to receive approval.
Also Read: How High Could Ripple XRP Go If It Hits $3 Trillion Market Cap?
“I think it would make a lot of sense,” Long said in regards to an XRP ETF. “If you think about it, only XRP and Bitcoin have regulatory clarity on status in the US.” Additionally, she noted XRP’s status as a top 10 cryptocurrency by market cap and in the top 5 in daily traded volume.”
The sentiments echo what was said by Ripple CEO Brad Garlinghouse earlier this month. Specifically, Garlinghosue noted that an XRP ETF could be on the cards as soon as 2025. The development would be massively important to furthering the price action of XRP and building up much-needed momentum.
To this point, XRP has not been able to enjoy many gains thus far in 2024. Over the past 24 hours, the asset has decreased by less than 1%, according to CoinMarketCap. Moreover, it has continued to be unable to break through the $0.53 level.