Ripple CEO Brad Garlinghouse on Saturday shared good news with the XRP and the broader crypto community. Garlinghouse highlights a new era for XRP and Ripple as institutional interest in XRP products continues to rise while the US SEC loses credibility and reputation.
Ripple CEO Brad Garlinghouse Hopeful on XRP ETF
Brad Garlinghouse, chief executive officer at Ripple, took to X on November 2 to share optimistic news amid the company’s release of its Q3 2024 XRP Markets Report. He pointed to the start of a new era for XRP and Ripple.
He commented on the rising clarity on XRP in the markets as Bitwise Invest, Canary Capital, and 21Shares have filed S-1 forms for XRP ETFs. 21Shares became the latest firm to file for XRP ETF with the U.S. SEC. This indicates XRP investment demand from institutional investors.
“The message from the market is clear – institutional interest in XRP products is stronger than ever,” said Ripple CEO Brad Garlinghouse.
Recently, Grayscale launched XRP Trust and filed to convert its multi-asset fund Digital Large Cap Fund into an ETF product. Grayscale Large Cap Fund comprises Bitcoin, Ethereum, Solana, XRP, and Avalanche as its components.
Brad Garlinghouse Says US SEC Losing Credibility and Reputation
Ripple CEO said the US SEC’s war on crypto to subside as it has “lost battle after battle.” He added that the government agency’s continued disregard for the court’s authority will further erode its credibility and reputation. Notably, US courts have slammed the SEC’s approach in crypto lawsuits, with the crypto community criticizing the overreach under Chair Gary Gensler.
Meanwhile, Ripple executives have claimed that their cross-appeal in the US Court of Appeals for the Second Circuit provides a strong precedent for the crypto community. Also, the SEC has not appealed the XRP status as non-security.
In the latest filing, the appeals court has granted an order that the US SEC must file its opening brief regarding appeals in the SEC v Ripple case by January 15, 2025.
Ripple Made Major Progress
According to the Q3 2024 XRP Markets Report, the lawsuit against Ripple is a key factor impacting XRP price. However, other developments including RLUSD stablecoin launch plans, development activity in XRP Ledger, and partnerships to fuel growth.
Ripple’s XRP holding fell nearly 245 million to 4,436,713,796 and total coins on ledger escrow dropped by 600 million to 38,900,000,005.
XRP price continues to trade sideways 1% over the last day, with the price currently trading at $0.51. The price has dropped nearly 20% from a high of $0.65 last month.
However, Ripple CEO Brad Garlinghouse-led company reports that XRP saw average daily volumes (ADV) of $600-700 million on top-tier exchanges in Q3. Also, the XRP/BTC ratio increased by 27% over Q3.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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