Ripple’s Brad Garlinghouse Hints At XRP ETF Before Year-End

A spot XRP ETF will be approved by the end of the year, according to Brad Garlinghouse. Brad heads Ripple Labs. He also expects XRP tokens to be part of the US government’s reserves eventually.

XRP ETF to Be Approved Soon

In a Bloomberg interview, Garlinghouse said XRP ETFs are “inevitable.” He expects the SEC to approve some or all pending applications. Firms like Bitwise, Franklin Templeton, and Canary have already filed for them.

His statement matches current prediction market trends. Odds of XRP ETF approval by year-end have jumped to 96%. Just months ago, they were at 65%.

There is also optimism that these XRP ETFs will become popular among investors. In a recent statement, Crypto.com’s CEO predicted these funds would attract $8 billion in inflows in the first year. This could be seen after their approval, leading to more demand for the coin.

JPMorgan also predicted that the XRP ETFs will have about $8 Billion in inflows in the first year. These are massive figures compared to Ethereum’s ETF growth. It took Ethereum over a year to reach $8 Billion in ETF inflows.

XRP Demand is Rising Among Retail and Institutional Investors

There are reasons to be optimistic about the demand for XRP funds among Wall Street investors. First, the recently launched XRP CME Futures have had strong demand. With this, their open interest surges past $1 billion within weeks.

Teucrium and ProShares also launched their leveraged XRP ETFs. Also, the data shows that they have become highly popular among investors.

Teucrium’s XXRP ETF has accumulated over $429 million in assets. On the other hand, ProShares UXRP has over $116 Million in assets. Historically, leveraged ETFs have always had fewer assets than the standard ones.

Further, XRP is one of the most liquid coins in the market. Its daily volume is over $6 Billion, and its open interest is rising to a record high.

XRP ETF demand will coincide with the ongoing demand from companies adding the coin to their treasuries. For example, VivoPower is in the process of buying tokens worth over $100 Million. Other companies adding the token in their treasuries are Webus, Trident, and SBI Holding.

Ripple Network is Growing

XRP price will also go well because of its growing ecosystem. One of the most critical aspects of this growth is in the stablecoin industry. There, the Ripple USD (RLUSD) has accumulated over $729 million in assets. This growth will accelerate after the signing of the GENIUS Act.

The XRP Ledger is also becoming a powerhouse in the real-world asset tokenization industry. The total assets have jumped by 10% in the last 30 days to almost $300 million.

The XRP Ledger network will continue thriving, especially following the integration of Hidden Road. It handles over $10 Billion in volume each day.

XRP Price Technical Analysis

Technicals suggest that the XRP price may soon be on the cusp of a strong bullish breakout. The coin has remained above the 200-day Exponential Moving Average (EMA). This average has provided it with substantial support since June this year.

Further, the coin has formed a descending wedge pattern. The upper side of this line connects the highest swings since July, while the lower line links the lower lows since July 26. This pattern typically leads to a strong breakout.

The XRP price has formed a bullish pennant pattern. Therefore, the likely scenario is that it will have a strong rebound, potentially to the year-to-date high of $3.6693. It is about 21% above the current level.

A surge above that level will point to more upside, potentially to the psychological point at $5. However, dropping below the 200-day moving average at $2.57 will invalidate the bullish forecast.