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Wall Street Recognizes XRP as Top Crypto After Bitcoin, Says Canary CEO

XRP Seen as Second Only to Bitcoin Among Financial Institutions

August 31, 2025
in Coins, News
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Canary Capital’s CEO, Steven McClurg, recently declared that XRP is the second most prominent cryptocurrency among Wall Street investors, trailing only Bitcoin. He suggested that this high recognition could fuel remarkable demand for XRP exchange-traded funds (ETFs) once they debut. This optimism comes as Canary Capital and other asset managers await regulatory decisions on launching spot XRP ETFs in the United States.

Why XRP is Gaining Wall Street Attention?

Steven McClurg emphasized that, after Bitcoin, XRP is the favored cryptocurrency among finance professionals and institutions. He noted that although Ethereum holds the second largest market cap, XRP’s unique use case in facilitating cross-border payments sets it apart. This established utility offers a practical reason for its rising profile within the financial sector. Additionally, market expert Nate Geraci and other analysts agree that the XRP ETF could tap into a robust wave of institutional and retail demand, further amplified by the active “XRP Army” community.

Predictions for XRP ETF Launch and Performance

McClurg was particularly bullish on the market potential of XRP ETFs. Responding to questions on whether XRP ETFs could outperform Ethereum ETFs, he forecasted as much as $5 billion in inflows during the first month of trading, outpacing the launches of both Bitcoin and Ethereum ETFs. He credited this anticipated surge to XRP’s unique standing, financial use cases, and high awareness on Wall Street. However, he also acknowledged that macroeconomic conditions, such as expected interest rate cuts by the Federal Reserve, will likely influence ETF performance at launch.

Ongoing Regulatory Developments and Other Crypto ETF Filings

Canary Capital is actively working to gain SEC approval for its XRP ETF, with recent filings and updates reflecting continued engagement with regulators. While the SEC has delayed a final decision until October, the outlook remains positive due to legal clarity provided by recent court decisions. McClurg mentioned that besides XRP, funds for Solana, Litecoin, and Hedera might also launch this year if regulators become more receptive. Canary Capital has broadened its portfolio by filing for ETFs covering additional cryptocurrencies like PENGU, TRX, INJ, AXL, SUI, SEI, Trump coin, and an “American-made” Crypto ETF that would focus on US-affiliated digital assets.

Frequently Asked Questions (FAQs)

  • What makes XRP ETFs different from Bitcoin or Ethereum ETFs?

XRP ETFs offer direct exposure to XRP, a cryptocurrency with an established use in cross-border payments, giving it practical appeal among institutions and investors.

  • When might the SEC approve the XRP ETF?

While the SEC has postponed its decision, a ruling is expected by October 2025, sparking optimism for approval this year.

  • Why do analysts believe XRP ETFs could see strong demand?

Industry experts point to XRP’s recognition on Wall Street, its financial utility, and a committed retail base as drivers that could result in higher demand and inflows compared to previous crypto ETFs.

Tags: CryptocurrencyETFMiningXRPXRP ETF

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