Canary Capital CEO Steven McClurg calls XRP Wall Street’s second-most famous crypto after Bitcoin, citing its $3.51 price and ETF momentum.
Steven McClurg, the CEO of Canary Capital, has made an audacious declaration regarding XRP, claiming it is the second most well-known cryptocurrency on Wall Street. This occurred as he argued that the XRP ETFs could generate substantial demand upon their release.
The CEO of Canary presents a positive argument for XRP
McClurg stated in an interview with Paul Barron that XRP is likely the most well-known cryptocurrency in finance circles and on Wall Street following Bitcoin. He also stated that Ethereum is likely the third most valuable altcoin on the list, despite being the second-largest altcoin by market valuation.
The Canary CEO made this statement in response to a query regarding the potential for the XRP ETFs to outperform the Ethereum ETFs upon their initial trading. He also reiterated his prediction that these XRP funds could generate up to $5 billion in inflows in their inaugural month, surpassing the ETH funds.
Nevertheless, McClurg acknowledged that the performance of these funds would be influenced by macro factors and the current state of the economy at the time of their introduction. In his commentary on macroeconomics, he expressed his opinion that the Federal Reserve should have implemented rate cuts years ago. However, he is optimistic they will eventually do so at the September FOMC meeting.
In the interim, it is essential to mention that Canary Capital is one of the asset managers that has submitted a filing with the SEC to offer an XRP ETF. The firm has recently submitted an amended S-1 form for its XRP fund. However, the SEC has already postponed its decision on the fund until October 23, at which point it must either approve or disapprove the proposed rule change to list and trade shares of the fund.
Market expert Nate Geraci, like McClurg, believes that the XRP ETFs will experience substantial demand upon their debut. He suggested that the spot funds may experience increased success due to the current demand for CME XRP futures and futures-based ETFs.
The Potential Funds for Introduction This Year
During the interview, Steven McClurg also expressed his belief that the XRP, Solana, Litecoin, and Hedera funds are the most likely to be launched this year. He acknowledged that the SEC was the sole determining factor, but based on the proposed generic listing standard for ETFs, he formed this assessment.
He also referenced the belief that the XRP ETFs are well-positioned to secure the SEC’s approval, as the leading cryptocurrency exchange, Coinbase, already provides XRP futures. This was one of the primary reasons the previous SEC administration authorized the Bitcoin and Ethereum ETFs, as the CME also provides regulated XRP futures products.
In the interim, the CEO of Canary acknowledged that the SEC may not grant sanctions to other crypto funds until the following year. It is essential to mention that Canary Capital is among the asset managers with the most significant crypto ETF filings.
The asset manager has submitted filings for PENGU, TRX, INJ, AXL, SUI, SEI, Trump coin ETFs, XRP, Solana, Litecoin, and Hedera ETFs. It also applied for an “American-made Crypto ETF,” a crypto index fund that will invest in various currencies associated with the United States.
