• Mon. Jun 24th, 2024

Valkyrie CIO Predicts the Arrival of XRP ETFs, Explains Possibilities

Maria Bartiromo

ByMaria Bartiromo

Jan 28, 2024

In a recent interview with Bloomberg Crypto, Greg McClurg, Chief Investment Officer (CIO) of Valkyrie Investments, provided information about the possible creation of Exchange Traded Funds (ETFs) for Ripple’s XRP. McClurg talked about the increasing interest in adding XRP to the ETF landscape, emphasizing how flexible the sector is and citing recent actions by Grayscale as proof of the trend.

In the Bloomberg Crypto interview, McClurg discussed the possibility of launching a spot XRP ETF and emphasized how quickly the cryptocurrency market can adjust to changing trends. The possible launch of XRP ETFs could further close the gap between traditional finance and the cryptocurrency industry as regulatory advancements continue.

Valkyrie Investments Yet to Provided a Plan, As Experts Speak 

At press time, Valkyrie Investments must provide a clear plan for products like the spot ETF XRP. Recognizing the popularity of XRP ETFs among ordinary investors, the Valkyrie boss underlined the value of providing a variety of investment choices in the cryptocurrency market.

James Seyffart, a popular ETF analyst at Bloomberg, explained that introducing XRP ETF has created a more complex management position. Seyffart said that for an XRP ETF to come to fruition, the Chicago Mercantile Exchange (CME) must publish the XRP futures.

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This was described as an important precondition that the company believes is not reachable. Seyffart, in his analysis, emphasized the multiple market and regulatory preparedness and challenges the cryptocurrency companies face in the United States. This is peculiar to XRP, which has witnessed a lot of regulatory scrutiny from the government.

XRP Experienced Poor Trading Performance, SEC Speaks on XRP ETF

Ripple’s XRP has attracted interest due to its potential as an investment and its usefulness inside the Ripple network. The likelihood of XRP ETFs hitting the market is consistent with the larger pattern of institutional and retail interest in financial products tied to cryptocurrencies progressive growth.

The quick response demonstrates how flexible bitcoin market players are at satisfying investor demand and adjusting to the changing regulatory environment. However, the SEC, on the other hand, has said there’s no pending spot XRP ETF application. Comments from the cryptocurrency community expressed that Grayscale may be the only investor to leverage the proposed spot XRP ETF if it gets approved.

As of press time, XRP trades for $0.5298, with a 0.35% price drop. It also experienced a trading volume of $466,443,550.29 in the last 24 hours. It currently recorded a market capitalization of $28,683,341,695 after falling in trading volume by 21.99%.

Valkyrie Investments Chief Investment Officer Speaks on Spot XRP ETF 

With more regulatory clarity emerging in cryptocurrency, XRP ETFs will likely be approved. The acknowledgment of XRP’s attractiveness to retail investors and the industry’s capacity for swift adaptation highlights the dynamic character of the cryptocurrency ecosystem,  though Valkyrie’s precise plans are yet unknown.

In an interview with Bloomberg Crypto, Valkyrie Investments Chief Investment Officer Steven McClure shared his insight on the proposed spot XRP ETF. McClurg began by acknowledging the cryptocurrency industry’s tendency to adapt to the occasion quickly.

He pointed out the move by Grayscale to add XRP as part of its trusts, which has also increased the token’s relevance in the spot ETF proposal. He also supported the cryptocurrency community’s earlier notion that the introduction of Spot BTC ETF into the scene will have the propensity to pave the way for major altcoins to prevail.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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