Ripple News: XRP ETF Goes Live Tomorrow, Bitwise Doubts It Can Outshine Solana
The upcoming XRP spot ETF is highly anticipated in the crypto market, with expectations that it could rival or outperform Solana's ETF in terms of inflows, potentially reaching $5 billion in its first month. Canary Capital CEO Steven McClurg, who has a track record of accurate predictions around institutional crypto adoption, confirmed that the ETF is set to launch trading on Nasdaq this Thursday. Despite XRP's divisive reputation, its engaged and passionate investor base is expected to drive strong demand for the product. Bitwise CIO Matt Hougan emphasized that sentiment, rather than consensus, determines the success of crypto ETFs, and XRP’s loyal community is likely to ensure the ETF's success.
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Introduction: Anticipation for XRP Spot ETF
The upcoming XRP spot ETF is quickly becoming one of the most anticipated launches in the crypto market this quarter. Canary Capital CEO Steven McClurg has stated that this product could potentially outperform Solana’s ETF success, possibly doubling its impact and attracting up to $5 billion in inflows during its first month. McClurg, known for his accurate predictions on institutional crypto adoption, suggested that the excitement surrounding XRP’s ETF approval could reach similar levels to Bitcoin and Ethereum funds.
Canary Capital's Filing for the XRP Spot ETF
Canary Capital has now filed Form 8-A for its XRP spot ETF, signifying another step closer to launch. The ETF is scheduled to begin trading on Nasdaq this Thursday, pending exchange certification of the listing. This development highlights the growing institutional interest in the XRP ecosystem.
A Competitive Market for Crypto ETFs
Bitwise CIO Matt Hougan has expressed optimism about the XRP ETF, suggesting it could become one of the most successful products in the crypto market. Hougan emphasized the role of XRP’s loyal investor base, which he believes will drive its success. While it remains uncertain if XRP can surpass Solana’s ETF inflows, Hougan highlighted the significant interest the product is likely to attract upon launch.
The Role of Investor Sentiment in ETF Success
Hougan argued that many analysts misunderstand the key drivers behind crypto ETFs: investor sentiment, not consensus. He explained that an ETF’s success depends on the passion and engagement of its supporters rather than the opinions of those who oppose it. XRP’s dedicated community, active even during times of regulatory uncertainty and market challenges, exemplifies the type of audience needed for strong ETF inflows.
XRP's Community as a Strength
XRP’s enduring and highly engaged community is a significant advantage for its ETF. According to Hougan, relying on mixed sentiment as a basis for estimating demand misses the key point: What matters is the eagerness of a substantial group of investors to gain exposure through a regulated and institutionally managed product. He concluded, “I think XRP will be a big success. I don’t know if it will double Solana, but it will be another big success.”