TL;DR
- Bitwise predicts an XRP ETF will reach one billion dollars in its first few months.
- Success would be based on demand from the “XRP Army” and not on the opinion of crypto experts.
- There are currently about 20 XRP ETF filings pending SEC approval.
While much of the crypto industry remains skeptical about XRP, Matt Hougan, Chief Investment Officer (CIO) of Bitwise, anticipates a spectacular debut for an exchange-traded fund (ETF) linked to the Ripple cryptocurrency.
Speaking to DL News, Hougan stated that an XRP ETF will “easily become” a billion-dollar fund in its first few months, drastically exceeding skeptics’ expectations.
“People underestimate it because the median opinion in crypto is pretty bearish on XRP,” Hougan noted. “But what drives flows? A group of people that buys the asset; and the ‘XRP Army’ is incredibly bullish and loves XRP.”
Hougan’s confidence is based on a simple observation: ETFs don’t need the approval of experts or “Crypto Twitter” to succeed; they need passionate buyers willing to deploy capital. The so-called “XRP Army,” a devoted community of retail holders, has shown fierce loyalty through years of regulatory uncertainty, including Ripple’s protracted legal battle with the SEC.
“Flows will dramatically exceed what people are expecting,” Hougan insisted. “ETFs die in apathy, and that won’t be the case here.”
Demand over consensus: Hougan’s thesis
Critics of XRP often point to centralization, Ripple’s control over the token’s supply, and its focus on institutional partnerships rather than decentralization. However, Hougan argues this is irrelevant to institutional adoption.
According to the Bitwise CIO, the deciding factor is identifiable buyer demand, not the consensus of “crypto natives.”
Recent data seems to support the existence of this demand. According to Santiment, “whales” (large-capital investors) have accumulated nearly $560 million in XRP over the past week. These purchases coincide with the expiration of approval deadlines for three XRP ETF filings with the SEC.
Currently, there are about 20 pending XRP ETF filings, a figure close to the 23 for Bitcoin and Solana. Hougan compares XRP’s potential to the Bitcoin ETFs, which attracted $107 billion in their first year despite skepticism, and the recent launch of a Solana ETF, which became the biggest debut of 2025. Both succeeded by tapping into real demand. Hougan is betting that the “XRP Army will smash-buy the ETF.”
