Analysts Predict Solana and XRP as Next Potential Crypto ETFs

May 28, 2024 at 07:38 PM GST 2 mins read News

Ripple CEO Brad Garlinghouse signals openness to an XRP ETF, aligning with analysts and Standard Chartered’s forecasts.
Analysts predict XRP and Solana (SOL) could be strong ETF candidates after 2025, following Ethereum’s ETF launch.
Solana’s strong market cap and smart contract functionality position it as a prime candidate for a future cryptocurrency ETF.

A blockchain researcher, highlighted Ripple CEO Brad Garlinghouse’s openness to an XRP ETF on the X platform. This move aligns with forecasts from analysts and Standard Chartered Bank, increasing the growing interest in potential ETFs for XRP and Solana (SOL).

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As the launch of an Ethereum ETF appears more imminent, speculation has turned to other cryptocurrencies. Analysts, including Geoffrey Kendric from Standard Chartered, predict that XRP and SOL could be strong candidates for ETFs, although not until after 2025. Kendric asserted that Bitcoin and ether will likely see their dominance rise, but the market will also start speculating about the next one, likely Solana or XRP.

The SEC recently approved forms 19b-4 filed by potential issuers, marking a significant step towards a spot Ether ETF. However, this is just one of the required approvals. The S-1 document, another necessary form, awaits approval and could face delays. Only a few issuers have filed this form, indicating a lengthy process ahead.

Industry experts view Solana as a logical choice for the next cryptocurrency ETF. Its similarities to Ethereum, including smart contract functionality and strong market capitalization, make Solana a prime candidate.

Solana ranks as the third-largest cryptocurrency by market cap, excluding stablecoin Tether (USDT) and Binance Coin (BNB). According to Bernstein, a brokerage firm, Solana may follow Ethereum’s regulatory classification as a commodity by the SEC.

Despite Solana’s promising prospects, Ripple’s XRP also draws attention. However, XRP’s journey towards an ETF may be more complex due to ongoing regulatory scrutiny and legal challenges faced by Ripple. The outcome of these challenges could significantly impact XRP’s eligibility and timing for an ETF.

The potential inclusion of SOL and XRP in cryptocurrency ETFs could transform the investment landscape for digital assets. ETFs provide a regulated and ostensibly safer vehicle for investing in cryptocurrencies, potentially attracting more institutional investors and broadening the market base.

As of today, XRP’s price stands at $0.539122, with a 24-hour trading volume of $931,463,993. XRP has increased by 1.72% in the last 24 hours, with a live market cap of $29,883,808,560. Its circulating supply is 55,430,475,754 XRP coins, with a maximum supply of 100,000,000,000 XRP coins.

Meanwhile, Solana’s price is quoted at $166.57, with a 24-hour trading volume of $2,973,525,861. Solana has risen by 1.12% in the last 24 hours, with a live market cap of $74,874,422,933. It has a circulating supply of 449,516,007 SOL coins.