Ripple Labs Inc. CEO Brad Garlinghouse expressed his optimism about the imminent launch of additional cryptocurrency Exchange-Traded Funds (ETFs) in the United States. However, he acknowledged that predicting a specific timeline for their release is challenging due to potential resistance from the US Securities and Exchange Commission (SEC). Garlinghouse specifically highlighted the possibility of a spot XRP ETF, noting that XRP has regulatory clarity as a non-security, setting it apart from other cryptocurrencies. He criticized the current regulatory approach to crypto in the US and called for legislation that fosters innovation and understanding.
During an interview at the Paris Blockchain Week, Garlinghouse confidently predicted that the total market capitalization of the crypto market would surpass $5 trillion this year. He based his bullish outlook on several macro factors, including the introduction of the first spot Bitcoin ETFs in the US and the upcoming halving event. Garlinghouse emphasized that these developments are attracting institutional investors, driving demand while supply decreases.
Garlinghouse also believes that positive regulations in the US could further propel the crypto market to new heights. Crypto enthusiasts are hopeful that the next administration will adopt a more accommodating policy approach towards the industry. Under Chairman Gary Gensler, the SEC has taken an aggressive stance in investigating crypto firms, including Ripple. Ripple is currently embroiled in a lawsuit with the SEC, which accused the company of improperly marketing XRP as unregistered securities. Ripple vehemently denies these allegations and continues to fight the case. The lawsuit is nearing its conclusion, with Ripple expected to respond to the SEC’s latest brief for remedies on April 22.
Despite recent price declines, market sentiment regarding XRP remains bullish, according to Santiment. XRP is trending positively, with a sentiment ratio of 51.72% positive and 30.5% negative. The coin is trading above the 50-day and 200-day EMAs, indicating a positive price signal. Currently valued at $0.6077, XRP experienced a slight decline of 0.27% in the past day. However, its trading volume has increased by 24.59% to $2.4 billion, suggesting growing accumulation by investors and traders. The Fear and Greed Index also reflects extreme greed, with a score of 78.