- An XRP exchange-traded fund will easily hit $1 billion in assets, says Matt Hougan of Bitwise.
- Crypto insiders are bearish, but that’s not what matters.
- Believers in XRP will drive flows beyond expectations.
While much of the crypto industry isn’t fond of XRP, Matt Hougan is predicting a blockbuster debut for the Ripple-linked cryptocurrency.
Bitwise’s chief investment officer told DL News that an XRP exchange-traded fund will “easily become” a billion-dollar fund within its first handful of months — dramatically exceeding what sceptics expect.
“People underestimate it because the median opinion in crypto is pretty bearish on XRP,” Hougan said. “But what drives flows? A group of people that buys the asset — and the XRP Army is incredibly bullish and loves XRP.”
Right now, there are about 20 XRP ETF filings pending with the SEC. That’s trailing both Bitcoin and Solana’s 23 filings. Ethereum, meanwhile, has 16 filings pending, according to Eric Balchunas, Bloomberg Intelligence ETF expert.
Balchunas forecasts the number of crypto assets with ETFs — of which there are currently fewer than than five — to surpass 200 in the next 12 months.
Just yesterday, three more came to life, with a new Bitwise Solana ETF debuting with a bang.
Deep-pocketed investors have already been loading up on XRP. Whales have bought almost $560 million in XRP over the past week, according to Santiment. Their purchases come as three XRP ETF approval deadlines expire at the SEC.
The XRP Army
Hougan’s confidence comes down to one simple observation: ETFs don’t need the approval of crypto Twitter to succeed.
Instead, they need passionate buyers willing to deploy capital.
XRP has that in spades. The so-called “XRP Army” — a devoted community of retail holders of the cryptocurrency — has remained fiercely loyal through years of regulatory uncertainty, including Ripple’s protracted legal battle with the SEC.
“Flows will dramatically exceed what people are expecting,” Hougan said.
“ETFs die in apathy, and that won’t be the case here.”
Indeed, the contrast with other altcoin ETFs is stark. Many crypto assets have technical merit but lack passionate retail communities.
XRP has the opposite problem — it’s widely dismissed by crypto insiders for its centralised structure and corporate ties, but it commands intense loyalty from holders.
Missing the point
Critics of XRP point to Ripple’s control over the token’s supply, its focus on institutional partnerships rather than decentralisation, and its mixed track record as a cross-border payments solution.
But Hougan argues that misses the point entirely. Institutional adoption doesn’t require consensus from crypto natives — it requires identifiable buyer demand.
Bitcoin ETFs pulled in $107 billion in their first year despite plenty of sceptics. And just yesterday, a new staked Solana ETF posted the biggest launch of any ETF in 2025.
Both succeeded because they tapped into real demand, and in the process won over doubters.
XRP could follow the same pattern — and Hougan is banking on it: “The XRP Army will smash-buy the ETF.”
Pedro Solimano is DL News’ Buenos Aires-based markets correspondent. Got a tip? Email him at psolimano@dlnews.com.
