Godfrey Kendrick, an experienced analyst at Standard Chartered, has provided his insights on the potential launch of an XRP ETF. According to Kendrick, the XRP ETF could be approved by the SEC in 2025, which is just a year away.
After witnessing the approval of several spot-based Ethereum ETFs, speculations have arisen regarding when the SEC might give the green light to a similar product for other cryptocurrencies like XRP.
Kendrick, who currently holds the position of Head of Forex and Digital Assets Research at Standard Chartered, shared his thoughts on this matter in a statement that has been circulating. Interestingly, Kendrick believes that the regulatory agency will not only approve an ETF for XRP but also for Solana (SOL), the fifth-largest cryptocurrency by market capitalization.
One noteworthy point made by the Standard Chartered expert is that concerns about the Ripple lawsuit impacting the approval of an XRP ETF are unfounded. Kendrick suggests that the approval of Ethereum ETFs indicates that the SEC does not consider ETH to be a security. Additionally, this decision suggests that other altcoins, including XRP, which are currently under regulatory scrutiny, will not be classified as securities either. Kendrick argues that it would be challenging for the SEC to label XRP and other altcoins as securities when their core technologies are similar to Ethereum.
Kendrick also commented on the significance of the bipartisan political support shown for the crypto industry through the FIT21 legislation. He believes that this support signifies a positive trend towards more favorable regulatory changes in the U.S. crypto industry.
In terms of the recently approved Ethereum ETFs, Kendrick predicts that these products could attract inflows ranging from $15 billion to $45 billion within their first year of trading. However, it is important to note that despite the SEC’s approval, Ethereum spot ETFs have not yet begun trading in the United States. This is because the SEC has only approved exchanges’ 19b-4 filings for spot ETFs, while the S-1 filings for these funds are still awaiting approval. Experts speculate that the regulator may delay its decision on these documents.
Furthermore, Kendrick forecasts that the price of ETH could surge to $8,000 by the end of the year, marking a significant increase of 115.22% from its current price of $3,717.
It is essential to remember that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
