Ripple and Solana are emerging as strong contenders to join the blockchain ETF list.
Ripple CEO Brad Garlinghouse has indicated that he is open to the idea of an XRP ETF, which aligns with predictions from analysts and Standard Chartered Bank.
Collin Brown, a cryptocurrency enthusiast, shared this news on the X platform, increasing interest in potential XRP and Solana (SOL) ETFs.
"Ripple CEO Brad Garlinghouse would welcome an #XRP ETF. Many analysts and the billion-dollar bank Standard Chartered predict that an XRP and SOL ETF will be available in 2025!" he stated.
Speculation Grows After Ethereum ETF Launch
Following the launch of an Ethereum ETF, attention has turned to other cryptocurrencies.
Analysts, including Geoffrey Kendrick from Standard Chartered, Predict that XRP and SOL could be the next strong candidates for ETFs, although not until after 2025.
Kendrick noted that while Bitcoin and Ethereum might maintain their dominance, the market will soon speculate about the next contenders, likely Solana or XRP.
"For other coins, such as Solana and XRP, markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one," Kendrick said to The Block.
The SEC recently approved forms 19b-4 filed by potential issuers, a significant step towards a spot Ether ETF. However, this is just one of the necessary approvals.
The S-1 document, another required form, is still pending and could face delays. Only a few issuers have filed this form, indicating that the process could be lengthy
Solana as a Strong Candidate for the Next ETF
Industry experts consider Solana a logical choice for the next cryptocurrency ETF.
Solana's similarities to Ethereum, such as smart contract functionality and strong market capitalization, make it a prime candidate.
"🚀 Standard Chartered analyst Geoffrey Kendric suggests Solana ($SOL) and Ripple’s XRP ($XRP) could become spot ETFs by 2025. With Bitcoin and Ether ETFs leading, which crypto will be next? Stay tuned! #Crypto #ETF #Solana #XRP"
— Vlad0s.eth (@Vlad2048675) May 27, 2024
Solana is the third-largest cryptocurrency by market cap, excluding stablecoins like Tether (USDT) and Binance Coin (BNB).
Brokerage firm Bernstein suggests that Solana may follow the SEC’s regulatory classification of Ethereum as a commodity. So, do you see an imminent Solana ETF approval?
Differing Opinions on ETF Approval Timelines
However, despite this speculation, some experts remain sceptical about approving an SOL and XRP ETF soon.
Nikolaos Panigirtzoglou, a managing director and global market strategist at JPMorgan, argues that such hopes are Fantasy.
He believes that the SEC will likely classify most cryptocurrencies as securities, with the exceptions being Bitcoin and Ethereum.
An ETH ETF approval was a challenging victory, facing significant pushback throughout the process, as reported by Zycrypto.
ETH has now joined BTC in the list of crypto ETFs. Top crypto networks have been pushing for more ETFs covering other cryptocurrencies. However, this effort has been hindered by the prevailing sentiment that most cryptos are securities rather than commodities like Bitcoin.
Ripple did score a victory against the SEC when the latter tried to classify XRP as a security. The SEC's vague regulatory framework worked against it in this case.