In the wake of a momentous event in the crypto community, an astonishing prediction has emerged. The SEC recently gave the green light to list eight spot Ethereum ETFs, raising the question of which cryptocurrency will be next. Standard Chartered believes that Solana and XRP will be the next contenders.
The prediction revolves around the highly anticipated bull run of 2024. Trading of these spot Ether ETFs is expected to commence as early as next month, with experts forecasting inflows of approximately $50 billion for these products in the first year.
Geoffrey Kendrick, a leading analyst at Standard Chartered Bank, confidently stated that crypto ETFs may enter a new phase in 2025. Kendrick reportedly believes that XRP and Solana ETFs will receive approval next year. In his opinion, the SEC’s approval of Ether ETFs implies that Ethereum cannot be classified as a security. Following this line of reasoning, Kendrick deduces that XRP and Solana, which are altcoins similar to Ethereum, cannot be classified as securities either. Furthermore, the crypto industry seems to have gained support from both liberal and conservative sides in the United States.
The crypto community has enthusiastically embraced Kendrick’s prediction. The phrase “XRP ETF” is currently trending worldwide on X (formerly known as Twitter), with numerous posts discussing the concept and potential of this product.
Ripple CEO Brad Gralinghouse has expressed his belief that an XRP ETF is “inevitable at this point” following the approval of the Ether ETF. Steve McClurg, the CIO of Valkyrie, also believes that it is a matter of “when” and not “if” an XRP ETF will be introduced.
While the approval of the ETFs has generated excitement, the crypto markets have experienced a downturn. Experts consider this reaction to be normal. XRP, which has performed poorly for the past two years, is currently in the red, along with Bitcoin and Ethereum.
Even Solana, the best-performing cryptocurrency of the past year, has been affected by the bearish trend and has unexpectedly declined alongside its peers. It is anticipated that once the ETFs start trading, the market will see a reversal in price actions, with the bulls taking control from the bears.
In other news, Coinbase, the largest crypto exchange in the United States, has announced that XRP trading is now available again in New York after persistent efforts to obtain approval from state authorities.
Source: X.com (image)
Reporting by Jai Hamid for Cryptopolitan
