- Geoffrey Kendrick, an analyst with Standard Chartered believes SOL and XRP are the next most likely coins to gain spot ETF approval.
Standard Chartered (STAN) has tipped Solana (SOL) and Ripple’s XRP as the next candidates that could gain spot ETF approval. Following the recent approval of spot Ether Exchange-Traded Funds (ETFs) late last month by the US Securities and Exchange Commission’s (SEC), there has been an unending discussion within the crypto space as to which cryptocurrency could be prime positioned for an ETF approval. There has since been a series of predictions by industry players as to which coins they believe would snap an ETF spot. Some analysts believe coins such as BNB should be given a keen look, thus if the SEC decides to work its way through the top cryptocurrencies by market capitalization. Others, however, think ETFs for Solana (SOL), XRP, and even other altcoins have much better odds.
Geoffrey Kendrick, an analyst with Standard Chartered believes SOL and XRP are the most likely coins to gain an ETF spot after stating that the approval of Ethereum ETFs has paved the way for the next wave of crypto funds to follow.
“For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one. For now, Bitcoin and Ether dominance will rise, with selective “next in line” winners as well,” he stated.
He continued by saying “Other ETH-like coins (several which the SEC claimed were securities in the 2023 XRP case) are also not securities.” “In several cases, the core technology is so similar to ETH that it would be difficult for the SEC to claim they were securities given the ETH position,” he added.
Brad Garlinghouse, the CEO of Ripple, last month revealed that he believes the crypto market is marching on towards a $5 trillion valuation and the introduction of XRP, SOL, and other crypto ETFs is only a matter of time.
“People want more than just exposure to one commodity. You don’t want to be limited to a single-threaded asset exposure,” he stated, arguing that there is a demand for a wider range of crypto-backed investment products. Garlinghouse’s comment came after acknowledging that ETH isn’t a security.
The battle for the wildcard spot is also intensifying, as analysts have begun to predict one unlikely coin which could beat the odds and grab an ETF spot. Arthur Hayes, founder of BitMEX, in a recent interview, stated that meme coins must not be overlooked when having such discussions. He argued that they are here to stay and even predicted that “Dogecoin is going to get an ETF by the end of this cycle.”
According to him, even though the current crypto market is crawling with hundreds of meme coins, Dogecoin is the oldest. He further added that this whole ETF spot argument is a “high market cap thing, and it’s been around for a while.” With this happening, XRP can go as high as $100.
