Ripple CEO Brad Garlinghouse has reacted to the rumors suggesting that an XRP spot Exchange Traded Fund (ETF) is set to be approved. Brad Garlinghouse gave his two cents during an interview with Bloomberg Television as he also suggested the importance of making cryptocurrency regulations more transparent.
During the exclusive interview, Brad Garlinghouse remained optimistic, backing the potential of an XRP ETF launch. The Ripple CEO touched on the early days of the stock market where diversification was key to managing risk. According to him, the approval of a Bitcoin spot Exchange Traded Funds (ETF) is an indication that the court is ready to tackle the SEC's resistance.
"I think it only makes sense there will be other ETFs too," Brad Garlinghouse said.
Although he failed to place any confirmation on the rumors, Brad expressed support for an XRP ETF, saying; "We would certainly welcome it. And I think it's inevitable that there'll be, you know, multiple ETFs around different tokens."
Ripple's CEO used the opportunity to comment on the recent victory his community had over the Securities and Exchange Commission (SEC). He stated that the outcome of the legal battle is considered a turning point for making regulations in the crypto space transparent.
Garlinghouse elaborated on Ripple's encounters with the SEC, highlighting the agency's preference for regulatory enforcement rather than offering transparent industry guidelines. He emphasized that courts have consistently ruled against the SEC, including in favor of Ripple, affirming that XRP does not qualify as a security.
The Ripple CEO maintains optimism for a future marked by regulatory clarity, whether through the SEC's recognition or congressional intervention.
He said; "They have lost consistently. They lost the Ripple case on everything they cared about," he stated. Garlinghouse expressed optimism for regulatory progress, noting, "It stops, I think when the SEC either realizes they're losing consistently, or you have Congress lean in and write new legislation."
As of the time of writing, Ripple (XRP) has increased by 1.61% over the past 24 hours. Its market movement looks bullish on a one-hour chart, with price trading around the resistance of $0.5730.
A breakout from the resistance zone could happen if the daily bar closes around that mark, taking the price to the $0.5750-$0.58 range.
However, the XRP price continues to grow on a daily or weekly chart, encouraging long-term investment in the asset. The possibility of XRP ETF approval will change the price movement.
Today, Ripple (XRP) is priced at $0.5403, with a 24-hour trading volume totaling $1,526,937,688.29. This reflects a decrease of 5.32% in price over the last 24 hours while showing a 1.61% increase in price over the past 7 days. With a circulating supply of 55 billion XRP, the market capitalization of XRP stands at $29,485,098,709.
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