NEW YORK – The XRP Ledger’s ability to support both value transfer and real-world payments from a single platform could give it a structural advantage in the growing crypto ETF market, according to Bitnomial founder and CEO Luke Hoersten.
“What I think is unique about XRP and RLUSD is that they have a single ledger that drives a two-pronged strategy, one of storing and transferring wealth in XRP, and the other is in RLUSD, which is payments,” Hoersten said at Ripple’s Swell conference in New York on Tuesday. “To me, having both on a single ledger with a single strategy is what makes the ecosystem unique.”
The comments came during a roundtable discussion alongside Bitwise CEO Hunter Horsley, Canary Capital CEO Steven McClurg, and Bloomberg Intelligence Senior ETF Analyst Eric Balchunas. The group discussed what an XRP spot ETF could look like and why they believe it could outperform previous crypto ETF launches.
McClurg explained how the SEC’s new rules, combined with existing futures activity, now allow ETF issuers to file what is called a “prompt amendment” for assets like XRP.
“So, for example, we introduced that for Litecoin and HBAR, you know, several weeks ago, and they both launched last week,” McClurg said. “And then we introduced an XRP ETF with no delay amendments, essentially, 20 days before November 13.”
That means a spot XRP ETF could launch next week.
Bitwise, which recently launched a Solana holding ETF, is also in the race. That fund, BSOL, raised $500 million in its first week, one of the best results of any ETF in 2024. Horsley said he thinks XRP could be next.
“I think XRP, and we know this from our customer base, is one of the highest conviction assets among investors, so I think it’s going to do fabulously well, and we’re going to bring it to market for all those types of investors to make sure it has the best chance to make a dent,” he said.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, echoed that view. He compared the ETF launch race to a “Cannonball Race” and said that XRP has already proven its popularity in previous crypto fund launches.
“I wouldn’t be surprised if XRP ends up being the emerging ETF of the next cycle,” Balchunas said.
Still, the panel cautioned that an ETF alone does not guarantee a price increase. But as new tools like in-kind creation, physically settled futures, and tighter spreads come into play, XRP may be better positioned than most to benefit from cryptocurrencies’ broader shift toward regulated finance.
