Despite its critics, XRP (XRP-USD) may soon prove to be one of crypto’s biggest underdogs. Bitwise Chief Investment Officer Matt Hougan believes that an XRP exchange-traded fund (ETF) will “easily become” a $1 billion fund within its first few months, telling DL News that skeptics are “underestimating it because the median opinion in crypto is pretty bearish on XRP.”
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Hougan argues that the key to success isn’t winning over crypto insiders, but rather tapping into real investor enthusiasm. “What drives flows? A group of people that buys the asset — and the XRP Army is incredibly bullish and loves XRP,” he said.
XRP ETF Filings Multiply as Whales Move In
At the moment, there are roughly 20 XRP ETF applications pending with the U.S. Securities and Exchange Commission (SEC). That puts it just behind Bitcoin and Solana, each with about 23 filings, and ahead of Ethereum’s 16, according to Bloomberg Intelligence’s Eric Balchunas.
Balchunas expects the number of crypto-based ETFs, currently fewer than five, to exceed 200 within the next year, as institutional appetite continues to grow.
Meanwhile, big investors are already positioning themselves. Data from Santiment shows that whales have scooped up nearly $560 million in XRP over the past week. The buying spree coincides with several XRP ETF approval deadlines approaching at the SEC.
Then There’s the XRP Army Factor
For Hougan, the XRP story is more about the community. This conviction stems from what he calls the “XRP Army,” a loyal group of retail investors who have stood by Ripple’s token through years of controversy, including its drawn-out 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.”
Unlike many altcoins praised for their technical promise but ignored by traders, XRP’s power lies in its people. Despite criticism of its centralized structure and corporate ties to Ripple, the token has retained one of crypto’s most passionate followings.
Critics May Be Missing the Main Point
Skeptics often highlight Ripple’s control over XRP’s supply and its focus on institutional payments rather than decentralization. But Hougan thinks that critique misses the point entirely.
Institutional adoption, he argues, doesn’t require crypto purists’ approval; it requires buyers. He points to Bitcoin ETFs, which attracted $107 billion in their first year, despite widespread doubt before launch. And just this week, a new staked Solana ETF posted the biggest debut of any ETF in 2025.
Both examples, Hougan says, prove that real demand outweighs ideology. At the time of writing, XRP is sitting at $2.5219.
