Ripple’s Optimistic Outlook: Spot XRP ETF and RLUSD Expansion
In an insightful discussion with Bloomberg Crypto, Monica Long, the President of Ripple, conveyed a strong sense of optimism regarding the potential approval of a spot XRP exchange-traded fund (ETF) in the United States. Long also shared her perspectives on the expansion and anticipated widespread adoption of Ripple’s innovative RLUSD stablecoin in the near future.
Expanding Ripple’s RLUSD Reach
Presently, the RLUSD stablecoin is available on platforms such as Bitso, MoonPay, and CoinMina. Ripple is actively working on increasing its presence with forthcoming listings on exchanges like Bullish and MercadoBitcoin. When questioned about its availability on major U.S.-based platforms such as Coinbase, Long asserted that Ripple is diligently expanding the distribution of its digital currency. She suggested that more announcements regarding its availability are expected imminently.
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Long emphasized the pivotal role stablecoins are assuming in both trading and payment systems, describing them as essential gateways in the cryptocurrency ecosystem. She remarked, “The crypto landscape has been expanding significantly over the past few quarters. We anticipate this year to be monumental for the crypto industry overall, and the demand for stablecoins will likely grow in tandem. RLUSD is poised to play a central role in this growth.”
Since its launch on Ethereum and the XRP Ledger in December, RLUSD has achieved a market capitalization of approximately $53 million. Ripple’s integration of Chainlink services into RLUSD aims to enhance its utility within decentralized finance (DeFi) protocols, reinforcing Long’s vision for its extensive adoption.
Anticipation for XRP ETF Approval
Beyond RLUSD, Long also discussed the prospects of an XRP ETF, predicting a swift timeline for regulatory approval. She expressed confidence, stating, “I believe we will witness the approval of a spot XRP ETF very soon. Numerous crypto spot ETFs are expected to emerge from the U.S. this year, with XRP likely following Bitcoin and ETH in receiving approval.”
Long highlighted that several asset managers, including Canary Capital, WisdomTree, and 21Shares, have already filed for XRP ETFs. She pointed to a more conducive regulatory environment as a contributing factor to this optimism, noting, “Many companies like Canary have already filed. With the changing administration, we anticipate an acceleration in the approval of these filings.”
In October, Bitwise submitted a registration statement (Form S-1) to the U.S. Securities and Exchange Commission (SEC) for an XRP ETF. Since that time, multiple firms have lodged applications, though the SEC has yet to issue a decision.
Long revealed that Ripple’s payments business witnessed significant growth last year, driven by robust institutional and corporate demand for its solutions. She also mentioned a particularly strong conclusion to 2024 for Ripple’s U.S. operations, highlighting that the company secured more local deals in the final six weeks of that year than in the preceding six months.
Speculation abounds that the Trump administration’s crypto-friendly stance could expedite the approval process for crypto ETFs. Since Trump’s election victory, XRP prices have surged by over 350%, outperforming many other major cryptocurrencies during the same period.
At the time of writing, XRP is trading at $2.31.
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