Potential for Significant Institutional Inflows
The CEO of Canary Capital, Steven McClurg, who previously announced the launch of Litecoin (LTC) and Hedera (HBAR) ETFs, has now indicated that XRP ETFs are poised for launch next week. Speaking at the Ripple Swell conference, McClurg stated, "We are ready to launch the XRP ETF next week."
McClurg's pronouncements are being viewed as a pivotal moment for XRP and the broader landscape of altcoin ETFs. He further suggested that XRP could ascend to become the second most recognized cryptocurrency on Wall Street, trailing only Bitcoin.
Canary Capital's CEO estimates that XRP ETFs could attract up to $5 billion in inflows from institutional investors within the first 30 days of their debut.
“XRP's real-world availability and strong community support could make the XRP ETF the biggest ETF success to date.”
Advantages Over Ethereum ETFs
McClurg highlighted potential structural advantages for XRP ETFs compared to recent Ethereum ETFs, which have experienced outflows from Grayscale's ETHE trust. He pointed out that XRP does not offer native staking, a feature that could benefit ETF investors. This lack of native staking means that investors holding an XRP ETF would not forgo potential returns that might be earned through direct staking of the asset.
Previous ETF Successes
In a prior statement regarding the Litecoin and Hedera ETFs, Steven McClurg had remarked, "After the Ethereum ETFs, Litecoin and Hedera will be the next altcoin ETFs. We are ready to launch tomorrow." These ETFs subsequently began trading the following day, indicating a track record of timely execution.