NEW YORK—The XRP ledger’s ability to support both value transfer and real-world payments from a single platform could provide a structural advantage in the growing Crypto ETF market, according to Derivatives Exchange Bitnomial Founder and CEO Luke Hoersten.
“What I think is unique about XRP and RLUSD is that you have a single ledger that drives a two-prong approach, one of storing wealth and transferring it to XRP, and the other is in RLUSD, which pays,” Hoersten said at Ripple’s Swell Conference in New York on Tuesday. “Having both in a single ledger with a single strategy, to me, is what makes the ecosystem unique.”
The comments came during a panel discussion alongside bitwise CEO Hunter Horsley, Canary Capital CEO Steven McClurg and Bloomberg Intelligence Senior ETF analyst Eric Balchunas. The team discussed what a spot XRP ETF could look like, and why they think it could trump previous Crypto ETF launches.
McClurg explained how new SEC rules, combined with existing futures activity, now allow ETF issuers to file what’s called a “no-delay amendment” for assets like XRP.
“So for example, we filed that for Litecoin and HBAR, you know, a few weeks ago, both of which went live last week,” McClurg said. “And then we filed an XRP ETF with no change delay, essentially, 20 days before November 13.”
This means that an XRP ETF spot could go live as early as next week.
Bitwise, which recently launched a Solana staking ETF, is also in the race. That fund, BSOL, brought in $500 million in its first week — one of the strongest performances of any ETF in 2024. Horsley said he believes XRP could be next.
“I think XRP, and we know from our client base, is one of the highest belief assets among investors, so I think it’s going to do well, and we’re going to bring it to market to all types of investors to make sure it has the best shot at making a dent,” he said.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, echoed that view. He compared the ETF launch race to a “Cannonball Run,” and said that XRP has proven its popularity in previous crypto fund launches.
“It wouldn’t surprise me if XRP ends up being the breakout ETF of the next round,” Balchunas said.
However, the panel cautioned that an ETF alone does not warrant a price attack. But as new tools like in-kind creation, physically settled futures and lighter spreads come into play, XRP may be better positioned than most to benefit from a broader crypto shift into regulated finance.
