As the landscape of cryptocurrency continues to evolve, the potential for an XRP exchange-traded fund (ETF) is becoming increasingly tangible. In a recent interview with Bloomberg, Ripple President Monica Long expressed her optimism regarding favorable U.S. crypto regulations, positioning local businesses, particularly Ripple, in a promising light.
“I think we will see one very soon,” Long stated, alluding to the surge of crypto spot ETFs expected to emerge from the U.S. this year. She noted that XRP is likely to follow in the footsteps of established frontrunners such as Bitcoin and Ether.
According to Long, the recent shifts in administration could expedite the approval process for XRP ETF filings. This sentiment echoes the broader market’s anticipation of regulatory clarity and the emergence of a supportive environment for crypto investments.
In addition to the XRP ETF prospects, Long announced that Ripple’s new RLUSD stablecoin will soon be available on more exchanges. This launch is expected to play a crucial role in enhancing Ripple’s payment solutions and overall business strategy. After its introduction to the public on platforms like Ethereum and the XRP Ledger in December, RLUSD has already achieved a market capitalization of $72 million. The recent integration of Chainlink’s services aims to bolster RLUSD’s utility across decentralized finance (DeFi) protocols, further enhancing its value proposition.
The momentum for XRP ETFs has intensified this month, with Bitwise having formally submitted an S-1 filing to the U.S. Securities and Exchange Commission (SEC). Other firms such as Canary Capital, WisdomTree, and 21Shares have also expressed their intentions to offer XRP ETFs, although a decision from the SEC remains pending.
Since the November elections, traders have speculated about the benefits a crypto-friendly Trump administration might bring to U.S.-based crypto firms like Ripple Labs and Uniswap. This optimism is reflected in Ripple’s recent business activities, which have reportedly set new records in terms of U.S. contracts signed in the six weeks following the election. With XRP prices skyrocketing more than 300% since Trump’s win, it is evident that the narrative surrounding U.S. engagement with cryptocurrency continues to be a driving force in the market.
As we look towards the future, the convergence of favorable regulatory environments, innovative products like RLUSD, and rising interest in XRP ETFs signify a transformative period for Ripple and its stakeholders. The next few months will be critical in determining the trajectory of XRP as it seeks to solidify its position in a rapidly maturing cryptocurrency market.
