Since November, the long-awaited spot exchange-traded fund (ETF) for XRP has finally become available on the US market. New figures show that the cryptocurrency is performing strongly and moving towards an important milestone in record time. According to Ripple CEO Brad Garlinghouse, growth will continue for the time being.
XRP ETFs are growing rapidly towards the billion-dollar mark
The US XRP spot ETFs are on the verge of reaching $1 billion in assets under management. According to data from analytics platform SoSoValue, total assets under management (AUM) now exceed $906 million.
This explosive growth is striking, especially since the first American XRP spot ETF has only been available since mid-November. The scoop was for Canary Capital. Three other providers have now been added: Franklin Templeton, Bitwise and Grayscale. 21Shares seems to be next in line. According to previous reports, that fund would launch on December 1, but it is still awaiting approval from the American regulator SEC.
The largest of the four XRP funds is currently Canary Capital, with assets under management of over $355 million. Notably, all XRP ETFs have recorded net inflows every trading day to date. The largest inflow occurred on the first day of Canary, when investors poured in more than $243 million and trading volume reached $58 million. The fund immediately set a new record: it became the most successful launch of a crypto ETF this year.
Ripple CEO: ‘This is just the beginning’
During a panel at Blockchain Week Dubai, Ripple CEO Brad Garlinghouse spoke about the growing interest in XRP ETFs. According to him, we are still in the early stages of this development. XRP ETFs have now seen more than $700 million in inflows, and according to Garlinghouse, this is “just the beginning.”
He emphasized that crypto ETFs currently only make up 1 to 2 percent of the global ETF market, but expects this share to increase significantly by 2026.
Garlinghouse also pointed to increasing interest from large institutional investors. Many parties have waited until now due to unclear regulations, but now appear to be moving. A notable example is Vanguard. The wealth giant was an outspoken opponent of crypto products for years, but has changed course under new CEO Salim Ramji. The company recently started allowing trading in regulated crypto ETFs, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and XRP.
Source: https://newsbit.nl/xrp-etfs-knallen-richting-1-miljard-dit-is-waarom/
