The upcoming XRP spot ETF is shaping up to be one of the most anticipated launches in the crypto market this quarter. Canary Capital CEO Steven McClurg previously said that the product could outperform Solana’s ETF success, potentially doubling its impact and pulling in as much as $5 billion in inflows during its first month.
McClurg, known for his early predictions around institutional crypto adoption, said the excitement around XRP’s ETF approval could rival that of Bitcoin and Ethereum funds. His firm, Canary Capital, has now filed Form 8-A for its XRP spot ETF, which is set to begin trading on Nasdaq this Thursday once the exchange certifies the listing.
A Competitive Market for Crypto ETFs
Bitwise CIO Matt Hougan says that the upcoming XRP ETF could become one of the most successful crypto products to hit the market, driven by the enthusiasm of its loyal investor base.
Speaking about the growing anticipation around a spot XRP ETF, Hougan said that while it remains to be seen if XRP can outperform Solana’s ETF inflows, there is little doubt that the product will attract significant interest once it launches. He explained that what many analysts misunderstand about crypto ETFs is how investor sentiment drives demand.
Sentiment, Not Consensus, Drives ETF Success
According to Hougan, XRP’s divisive reputation in the broader crypto community will not affect its success. He explained that ETF inflows depend on the strength of those who want to own the asset, not those who oppose it. In other words, a passionate and engaged investor base is more valuable than broad but lukewarm support.
XRP’s long-standing community, which has remained active through regulatory uncertainty and market downturns, is exactly the kind of audience that fuels strong ETF inflows. This conviction, he said, is likely to translate into substantial allocations once the product goes live.
Hougan added that estimating XRP ETF demand based on mixed community sentiment misses the point. What matters most is that a large group of investors are eager to gain exposure through a regulated, institutionally managed vehicle.
He said, “I think XRP will be a big success. I don’t know if it will double Solana, but it will be another big success.”
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