XRP ETF Expected To Come ‘Very Soon’, Says Ripple President

In a recent conversation with Bloomberg Crypto, Ripple‘s President Monica Long demonstrated high confidence that an XRP exchange-traded fund (ETF) could soon receive approval in the United States. Furthermore, she shared her thoughts on the forthcoming growth of Ripple’s new stablecoin, RLUSD, which she anticipates will gain significant popularity over the next few months.

Ripple’s RLUSD Set For Broader Distribution

At the moment, RLUSD (Ripple’s USD stablecoin) is accessible through Bitso, MoonPay, CoinMina, and several other platforms like Bullish and MercadoBitcoin, with further listings in development. Regarding the question about its presence on larger US-based exchanges like Coinbase, Ripple’s Long replied: “We are actively growing the distribution and accessibility of Ripple dollars on various exchanges. Therefore, I believe more availability and announcements will be forthcoming in the near future.

When asked about a specific timeframe, she underscored: “It’s coming up very soon.” Long pointed out the increasing importance of stablecoins in both trading and transactions, referring to them as “the means to enter and exit” in the crypto world. According to Long, “The cryptocurrency scene has been expanding noticeably over the past few quarters. This year is expected to be significant for crypto as a whole. Consequently, we anticipate that the demand for stablecoins will increase along with this growth. […] Ripple US dollar is expected to play a key role in this development.

Beginning its journey on Ethereum and the XRP Ledger in December, Real-Life USD (RLUSD) has amassed a market capitalization of approximately $53 million. To boost its functionality within decentralized finance (DeFi) systems, Ripple has incorporated Chainlink services into RLUSD. This move aligns with Long’s ambition for widespread adoption by strengthening the tool’s utility in DeFi protocols.

XRP ETF: “Very Soon”

Beyond discussing RLUSD, Long also spoke about the possibility of an Exchange-Traded Fund (ETF), expressing optimism that regulatory approval would come quickly: “I believe we’ll see one quite soon. In fact, I anticipate multiple crypto spot ETFs emerging from the US this year. And it’s quite possible that XRP will follow Bitcoin and Ethereum in being approved for such funds.

It has been observed that several asset managers, such as Canary Capital, WisdomTree, 21Shares, among others, have already submitted applications for XRP Exchange-Traded Funds (ETFs). Long suggested, citing a more supportive regulatory climate: “There are already numerous companies like Canary who have filed. We believe that with the change in administration, the approval of these filings will speed up.

Back in October, Bitwise submitted an application to the U.S. Securities and Exchange Commission (SEC) for a fund tracking XRP (through Form S-1). Since then, various companies have followed suit, but the SEC hasn’t given its approval as of yet.

As a crypto investor, I’ve been thrilled to see Ripple’s payments business nearly double last year, which suggests robust institutional and corporate interest in their solutions. Moreover, they’ve hinted at a particularly significant milestone for their US operations by the close of 2024. Interestingly, they disclosed that they secured more local deals in the final six weeks of that year alone than they did in the preceding six months.

It’s been suggested that the pro-crypto stance taken by the Trump administration may expedite the approval process for crypto Exchange Traded Funds (ETFs). Prices of XRP have skyrocketed by over 350% since Trump’s election win, outperforming most other significant cryptocurrencies during this timeframe.

At press time, XRP traded at $2.31.

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2025-01-09 10:11