The CEO, who announced the Litecoin (LTC) and Hedera (HBAR) ETFs, has now announced the release date for the XRP ETF!
Canary Capital CEO Steven McClurg announced at the Ripple Swell conference that XRP ETFs will be launched next week. McClurg emphasized that this marks a significant milestone for XRP and altcoin ETFs, predicting $5 billion in institutional inflows within 30 days of launch. He highlighted XRP's advantages, such as strong community support and lack of native staking, making it more appealing for ETF investors. He also stated XRP could become Wall Street's second most recognized cryptocurrency after Bitcoin. Previously, McClurg had announced the launch of Litecoin and Hedera ETFs, which began trading promptly.
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Introduction of XRP ETF Announcement
The famous CEO, who previously discussed the launch of Litecoin (LTC) and Hedera (HBAR) ETFs, has now made groundbreaking statements regarding XRP ETFs. Speaking at the ongoing Ripple Swell conference, Canary Capital CEO Steven McClurg announced plans for the launch of XRP ETFs, stating: “We are ready to launch the XRP ETF next week.”
Significance of XRP ETFs for the Market
McClurg's statements were deemed a significant milestone for XRP and the broader altcoin ETF landscape. He also claimed that XRP is poised to become the second most recognized cryptocurrency on Wall Street after Bitcoin. This positions XRP as a key contender in the cryptocurrency market, amplifying interest among institutional players.
Potential Institutional Impact
According to McClurg, XRP ETFs could draw $5 billion in institutional inflows within the first 30 days of their launch. He further emphasized: “XRP's real-world availability and strong community support could make the XRP ETF the biggest ETF success to date.”
XRP’s Advantages Over Ethereum ETFs
McClurg highlighted significant structural advantages of XRP over Ethereum ETFs, which have faced outflows from Grayscale's ETHE trust. One key difference is that XRP lacks native staking, meaning ETF investors won’t miss out on returns they might lose by holding the ETF instead of the actual asset.
Launch of Litecoin and Hedera ETFs
Canary CEO Steven McClurg, in his earlier statement about Litecoin and Hedera ETFs, had remarked: “After the Ethereum ETFs, Litecoin and Hedera will be the next altcoin ETFs. We are ready to launch tomorrow.” True to his words, the ETFs started trading the following day.
*Disclaimer*
This is not investment advice.