Ripple CEO on XRP: Institutional Interest Stays High
2024-11-02

In a recent tweet, Ripple CEO Brad Garlinghouse highlighted growing institutional interest in XRP.
The Ripple CEO wrote in response to recent milestones mentioned in Ripple's most recent quarterly report: "The message from the market is clear – institutional interest in XRP products is stronger than ever. Bitwise, Canary, and 21Shares filed S-1s for XRP ETFs while Grayscale launched an XRP Trust and filed to convert its multi-asset fund, including XRP, into an ETF."
The message from the market is clear – institutional interest in XRP products is stronger than ever. @BitwiseInvest, @CanaryFunds, and @21Shares (just this morning!) filed S-1s for XRP ETFs while @Grayscale launched an XRP Trust and filed to convert its multi-asset fund,… https://t.co/d5Icksw4Sj
ETFs are an important access for investors, particularly institutions, to obtain exposure to digital assets. They are an essential maturation step in any market, including crypto, since they provide legitimacy and confidence, which can attract more traditional financial companies into the field and drive wider acceptance of cryptocurrencies.
In Q3 as highlighted in Ripple's recently released "Q3 2024 XRP Markets Report," the CME established an XRP reference price in Q3, and Bitnominal stated its intention to launch an XRP futures product. Bitwise, Canary and 21Shares submitted S-1s for XRP ETFs, while Grayscale established an XRP Trust and filed to convert its Digital Large Cap Fund, which includes BTC, ETH, SOL, XRP and AVAX, to an ETF.
These filings represent a watershed moment, highlighting institutional interest and demand for XRP products while it remains one of the top 10 assets by market capitalization.
Ripple CEO spotlights SEC's loss
Despite the SEC's continuous onslaught on the crypto market, institutional interest in XRP investment products continued on a positive trajectory.
This the Ripple CEO highlighted in his tweet: "The SEC’s war on crypto has lost battle after battle - their continued disregard for the court’s authority will further erode the SEC’s credibility and reputation."
The court’s decision in the SEC's case against Ripple affirming that XRP is not in and of itself a security has provided much-needed clarity, allowing U.S. exchanges to relist XRP and global exchanges to correctly list it on their platforms. This regulatory clarity has further bolstered institutional confidence in XRP.
In what could happen ahead in the SEC case, Ripple anticipates that the appeal and cross-appeal briefing will last until the first half of 2025, followed by an argument before the appellate court, most likely in fall 2025, and a final ruling from the court thereafter.