While much of the cryptocurrency industry remains wary of XRP, Bitwise’s chief investment officer, Matt Hougan, predicts the Ripple-linked cryptocurrency will make a record run in the exchange-traded fund (ETF) space.
Hougan said that an XRP ETF “could easily reach $1 billion in size within the first few months.” Hougan argued that this forecast would far exceed the expectations of those wary of XRP:
There are currently approximately 20 XRP ETF applications pending approval with the U.S. Securities and Exchange Commission (SEC). This number is just behind Bitcoin and Solana’s 23 applications. Ethereum has 16 applications, according to Bloomberg Intelligence analyst Eric Balchunas.
Balchunas predicts that the number of crypto assets with ETFs will surpass 200 within the next 12 months. Just yesterday, Bitwise’s new Solana ETF launched, making a strong debut.
According to on-chain analytics platform Santiment, large investors purchased approximately $560 million worth of XRP in the past week. These purchases coincide with the approaching SEC decision dates on three XRP ETF applications.
According to Hougan, an ETF doesn’t need the general approval of the crypto community to be successful; what matters is a base of buyers willing to invest capital.
Hougan noted that many altcoins, despite being technically strong, don’t have as passionate a community as XRP. Conversely, XRP stands out for its user loyalty despite criticisms of its centralization.
Criticisms of XRP often focus on Ripple’s control over the token supply, its centralized structure, and its corporate partnerships. However, Hougan argues that these criticisms miss the core dynamic: demand:
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bitwise-investment-chief-expects-a-major-record-for-xrp-the-xrp-army/
