Steven McClurg Highlights XRP’s Position in Wall Street

On August 31, PANews highlighted Steven McClurg’s remarks on XRP’s market position, emphasizing its recognition on Wall Street and potential surge if an ETF is approved.

The pending approval of an XRP ETF could significantly influence market dynamics, affecting institutional interest and potentially raising XRP’s profile to rival Ethereum’s ETF debut.

XRP Gains Recognition: Wall Street Awaits ETF Approval

Steven McClurg recently led a discussion on XRP’s current and potential future role within the financial sector. He highlighted XRP’s recognition on Wall Street, attributing it to regulatory clarity and liquidity advantages. Canary Capital submitted an application for an XRP spot ETF, which has not yet received approval from the U.S. Securities and Exchange Commission.

Industry experts, including McClurg, foresee a surge in market demand should the ETF be approved. The expected demand might align with the substantial activity observed during the debut of Ethereum ETFs. This scenario presents a potential shift toward greater adoption and application of XRP within institutional frameworks.

Market feedback indicates a positive outlook, sparking interest among various stakeholders. “Why [is XRP] second only to Bitcoin in recognition by Wall Street? The regulatory clarity and years of liquidity set it apart. If an ETF is approved, demand could rival the ETH ETF’s debut.” McClurg noted, emphasizing the value of regulatory clarity. The industry awaits official responses, noting previous successful ETF launches have led to liquidity spikes and enhanced visibility for involved tokens.

XRP Price Trends and Potential Institutional Interest

Did you know? In the past, successful Bitcoin and Ethereum ETF launches have led to significant trading volumes and capital inflows in related markets. A similar pattern may follow for an XRP ETF, boosting market dynamics and visibility.

As of the latest data from CoinMarketCap, XRP maintains a market price of $2.82, with a market cap of $167.60 billion and a trading volume decrease of 36.72% in the last 24 hours. The token’s price has experienced fluctuations, revealing a 24-hour increase of 0.36%, yet showing a decline of 9.47% over seven days. Recent months highlight a mixed trend with a 60-day rise of 24.76%. The circulating supply is just under 59.48 billion with a maximum supply of 100 billion.

Insights from the Coincu research team suggest that approval of an XRP spot ETF could encourage substantial market participation. The historical precedent of other crypto ETFs indicates increased capital inflows and trading activities, potentially strengthening XRP’s position in the digital asset hierarchy.