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XRP ETF Could Soon Be a Reality, Ripple President Says as RLUSD Gains Traction
“We think, especially with the administration change, the approvals of those filings will accelerate,” Ripple president Monica Long said.
Jan 8, 2025, 8:58 a.m.
What to know:
- An XRP ETF could be next in line after bitcoin and ether products.
- Since November, the speculative optimism among traders has been that a crypto-friendly Trump administration could benefit tokens and products linked to U.S.-based companies.
An XRP exchange-traded fund (ETF) could soon become a reality as favorable U.S. crypto regulations bear well for local businesses, Ripple President Monica Long said in a Bloomberg interview on Tuesday.
“I think we will see one very soon,” Long said. “I think that we will see more crypto spot ETFs this year coming out of the US, and I think XRP is likely to be next in line after bitcoin and ether.”
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“We think, especially with the administration change, the approvals of those filings will accelerate,” she added.
Long added that Ripple’s new RLUSD stablecoin will be available on more exchanges “imminently” and expects it to become a major part of the firm’s payments and money businesses.
RLUSD was rolled out to the broader public on Ethereum and XRP Ledger in December and has a $72 million market capitalization as of Wednesday. It adopted some of Chainlink's services on Tuesday to boost utility across decentralized finance (DeFi) protocols, as reported.
In October, Bitwise, the asset manager, submitted an S-1 filing to the U.S. Securities and Exchange Commission for an exchange-traded fund tied to XRP. Later, Canary Capital, WisdomTree and 21Shares separately filed for offering XRP ETFs, but a decision on any is yet to come.
Since November, the speculative optimism among traders has been that a crypto-friendly Trump administration could benefit tokens linked to U.S.-based companies, such as Ripple Labs (related to XRP) and Uniswap , as the firms are more involved in boosting value for token holders.
Trump’s promises are already bumping Ripple’s local business. It reported signing more US deals in the last six weeks of 2024 than in the previous six months, indicating a positive business environment shift post-election.
XRP prices have increased more than 300% since Trump’s win, outperforming growth in all other major cryptocurrencies, mainly on the U.S. narrative.
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