A Wall Street veteran involved in filing for the first U.S. XRP exchange-traded fund (ETF) has doubled down on his support for the cryptocurrency, calling the XRP community “an army” in recent remarks. The comments come amid growing speculation about regulatory approval for crypto-based investment products following Bitcoin ETF successes earlier this year.
The executive, whose firm submitted preliminary paperwork for the XRP ETF last quarter, told financial analysts that the token’s utility in cross-border payments and its resolved legal status after Ripple’s partial court victory against the SEC position it uniquely for institutional adoption. “This isn’t just another memecoin community – it’s a disciplined force pushing for real-world blockchain adoption,” he was quoted as saying during a private investor briefing.
Market analysts note that while no XRP ETF has received regulatory approval yet, the mere filing indicates growing institutional interest. “We’re seeing a second wave of crypto ETF applications now that the Bitcoin floodgates are open,” said a fintech strategist at Bloomberg Intelligence. However, SEC officials have maintained caution about approving funds tied to altcoins, with one commissioner recently stating most cryptocurrencies “fail the Howey test” in public remarks.
The XRP price showed muted reaction to the comments, trading within its established 2024 range of $0.48-$0.53. Some traders expressed skepticism about near-term ETF prospects, noting that even approved Bitcoin ETFs took a decade of rejections before January’s landmark approvals.