Steven McClurg, the co-founder and CIO of Canary Capital, just threw a grenade into the XRP ETF hype machine.
In a no-holds-barred chat, McClurg ramped up his forecast for the debut of a US spot XRP ETF, predicting $10 billion in inflows during the first month.
Remember, it’s double the conservative $5 billion number he once tossed into the ring.
American-made crypto index
McClurg didn’t stop there. He went on to say if the ETF pulls in $1 billion on day one, XRP might gobble up two or three billion right then and there.
For some perspective, the first US bitcoin futures ETF grabbed over a billion dollars on day one, marking one of the most explosive ETF launches Wall Street’s ever seen.
So, yeah, the XRP party might just blow the roof off.
But this isn’t just about XRP flying solo and flying high. McClurg thinks the crypto-ETF universe won’t explode into a hundred products.
Instead, it’ll slim down to about 25 heavy hitters max, thanks to strict listing rules and actual demand.
Think of it like precious metals ETFs, only a few real players dominate the game. Bitcoin, Ethereum, XRP, and Solana are expected to own the spotlight, each with more capital than typical ETF baskets.
Canary Capital even plans an American-made crypto index, with XRP locked in, though the details remain hush-hush.
Healthy leadership refresh
And ere’s where the drama thickens, because regulatory chaos, you know. McClurg warned about the government shutdown throwing a wrench into SEC’s approval process for crypto ETFs.
He forecasted delays, knocking down rumors that Solana ETFs might launch next week amid furloughs.
Despite the red tape, he’s confident most crypto ETFs will sneak through before the year’s out, assuming Uncle Sam gets his sh*t together soon.
Why all this XRP excitement? McClurg’s love affair is grounded in XRP’s utility, especially for cross-border payments. He cites current remittance fees as ridiculously high and calls XRP’s approach a secret weapon in slashing those costs.
Plus, recent management changes at Ripple? McClurg shrugs them off, viewing them as a healthy leadership refresh rather than a crisis.
Shadow on the risk assets
On the macro front, McClurg sees the classic four-year crypto cycle sticking around but becoming less dramatic as the market grows.
His conservative bitcoin year-end target sits at $140,000, which sounds low compared to the moonshots but honestly, it feels pragmatic.
He predicts the rally could stretch into early next year, spurred by Fed chair changes and liquidity shifts, although cooling US consumer spending could cast a shadow on risk assets, like bitcoin.
So, there’s a chance thatt XRP’s crypto-ETF launch could be the wildest debut this side of Wall Street’s golden days.
With billions poised to flood in, regulatory headaches to navigate, and real-world utility backing the token, McClurg’s bullish drumbeat demands attention. Spot XRP ETFs might just rewrite the crypto playbook.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
