XRP’s recent price gain has sparked renewed optimism about the asset, with industry commentators like Martin Hiesboeck of Uphold Exchange seeing an ETF impacting XRP’s price even more.
XRP Shocking Price Gains
On Monday, XRP experienced a significant surge, breaking through multiple resistance levels as it rallied 20.5% from $0.6177 to reach a new yearly peak above $0.7440.
This notable gain emerged amid growing apprehension from the XRP Army about XRP’s sub-par performance in the emerging bull season. As a result, the recent turnaround has attracted significant attention from the crypto community.
Leading crypto figures who have commented on XRP’s move include Martin Hiesboeck, Head of Research at U.S.-based exchange Uphold. Hiesboeck attributed XRP’s impressive performance to the positive developments around the asset since the regulatory clarity ruling last year. He went on to hint that an XRP investment product is around the corner.
XRP ETF Around the Corner
“We are finally seeing the fruits of increased development on XRP since the lawsuit was settled. An XRP ETP is around the corner, too. There is life in the old girl,” Hiesboeck submitted.
We are finally seeing the fruits of increased development on $XRP since the lawsuit was settled! An XRP ETP is around the corner too. There is life in the old girl.
— Dr Martin Hiesboeck (@MHiesboeck) March 12, 2024
As Hiesboeck rightly pointed out, the XRP ecosystem has witnessed expanded development since the July 2023 victory ruling. The most recent includes passive incoming earning potential for XRP holders via the soon-to-implement AMM, having attained the required consensus.
Others include Japan-based financial behemoth SBI, which commenced cross-border payment services in three Asian countries in September 2023 with XRP. Besides, a development about an XRP exchange-traded fund (ETF) surfaced, albeit a counterfeit one.
Meanwhile, Uphold’s Head of Research asserted that a genuine U.S.-listed XRP investment vehicle is under construction, suggesting that XRP could witness more significant price impacts in the coming weeks.
When XRP ETF?
While the XRP Army eagerly awaits an XRP ETF, given XRP’s clear regulatory standing in the U.S., prominent asset managers like BlackRock have maintained a cautious approach regarding disclosing whether such an investment product is under work.
Yet, like Hiesboeck, other industry pundits believe an XRP ETF is inevitable. Ripple CEO Brad Garlinghouse and Steve McClurg, a top executive at Valkyrie, have voiced this sentiment.
In an interview with Bloomberg, Ripple CEO Garlinghouse said that after Bitcoin ETFs in the US, other crypto ETFs are inevitable. He further said that he would definitively Welcome an XRP ETF.
In parallel, Ripple’s ex-director Sean McBride has boldly asserted that the crypto community will witness the emergence of an XRP ETF this year or 2025.
While the prospects of a U.S.-listed XRP ETF hang in the balance, other countries already have other XRP investment vehicles available for the investing public. One recent addition is an XRP ETP listed on the Swedish Stock Exchange.
