According to CoinDesk, the prospect of an XRP exchange-traded fund (ETF) is gaining traction as U.S. crypto regulations become more favorable for local businesses. Ripple President Monica Long expressed optimism in a recent Bloomberg interview, suggesting that an XRP ETF could soon follow the approval of bitcoin and ether ETFs. Long anticipates that the regulatory environment will accelerate the approval process for these filings, particularly with the recent change in administration.
Ripple is also expanding its offerings with the RLUSD stablecoin, which is expected to be available on more exchanges imminently. This stablecoin, launched on Ethereum and the XRP Ledger in December, currently holds a market capitalization of $72 million. Ripple has integrated Chainlink's services to enhance its utility across decentralized finance (DeFi) protocols, further solidifying its role in the payments and money transfer sectors.
In October, Bitwise Asset Management filed an S-1 with the U.S. Securities and Exchange Commission for an XRP ETF. Other firms, including Canary Capital, WisdomTree, and 21Shares, have also submitted filings for XRP ETFs, though decisions are still pending. The anticipation of a crypto-friendly Trump administration has fueled speculative optimism among traders, particularly for tokens linked to U.S.-based companies like Ripple Labs and Uniswap.
Ripple has reported a surge in U.S. business deals, signing more agreements in the last six weeks of 2024 than in the previous six months. This uptick reflects a positive shift in the business environment following the election. XRP prices have surged over 300% since Trump's victory, outperforming other major cryptocurrencies, driven largely by the U.S. narrative.
