Major asset managers, including BlackRock and JPMorgan, are eyeing XRP ETF filings, which, if approved, could lead to a major rally for the altcoin.
Ripple’s U.S. dollar-pegged stablecoin, RLUSD, launched yesterday following the approval from NYDFS. Also, a favorable resolution to Ripple’s SEC lawsuit could eliminate regulatory uncertainties.
The XRP price, currently rebounding after a wider market correction, has been under strong observation, given its weekly trend showing a decrease of 11%. However, owing to the 302% surge in the last 30 days, Ripple’s XRP still stands strong. Quoted at $2.34 at press time, XRP enthusiasts are holding their breath for several developments that are to take place in the coming days and push the token’s value upward.
Rising Interest In Spot XRP ETFs
The prospect of a spot XRP ETFs has been highly anticipated. Heavyweight asset managers, such as BlackRock and JPMorgan, are said to be looking at filings for XRP ETFs. Companies like WisdomTree, 21Shares, and Bitwise have already filed applications with the U.S. Securities and Exchange Commission.
Investment firm Canary Capital also filed an application to start an XRP ETF in October, which attracted others’ interest. Approval for an XRP ETF will give individuals regulated exposure to the asset, which is likely to increase mainstream adoption.
The analysts think that the entry of capital that Bitcoin saw after the approval of BTC spot ETFs will be what XRP will undergo if an ETF gets approved. Since BTC recently hit a new all-time high of $103,000, the XRP price could also see an unprecedented surge. Thus, analysts like Armando Pantoja expect the Ripple token to surge to $30, suggesting a whopping 1,182% increase from current levels, reported CNF.
Ripple’s RLUSD Stablecoin Launch
Ripple has announced the launch of RLUSD, a U.S. dollar-pegged stablecoin, after securing the much-awaited clearance from the New York Department of Financial Services (NYDFS) yesterday, on Tuesday, December 10. Soon after, the XRP price surged over 20% after Ripple announced approval from NYDFS for its RLUSD stablecoin.
Ripple CEO Brad Garlinghouse confirmed the milestone on X, stating, “We have final approval from NYDFS for $RLUSD! Exchange and partner listings will be live soon.” RLUSD is expected to enhance Ripple’s ecosystem, and the company promised further updates upon the stablecoin’s launch.
Market analysts expect the release of RLUSD to spark greater institutional interest. RLUSD’s role in cross-border transactions could highlight XRP’s use case as a bridge asset in Ripple’s payment network.
Will Ripple SEC Lawsuit Be Over Soon?
Ripple’s legal case with the SEC would be a significant factor in influencing XRP’s market performance. Market observers believe that an effective resolution is more likely after the political shift, as President-elect Donald Trump will take over in January.
A settlement or favorable court ruling could eliminate ongoing regulatory uncertainties surrounding XRP and further cement its position as a non-security. Analysts suggest this could act as a significant catalyst for market participants and institutional investors who have been hesitant due to the legal ambiguity. This could potentially drive the XRP price higher, reaching $3 in the short term.
