Explore the recent developments surrounding Ripple and its ecosystem.
The potential approval of additional spot XRP ETFs, the advancement of the stablecoin RLUSD, and the performance of XRP. These are some of the main topics we will cover in the following lines.
More ETFs on the Horizon?
The REX-Osprey XRP ETF (ticker XRPR) began trading in mid-September, becoming the first US-listed spot ETF offering direct exposure to Ripple’s native token. The US Securities and Exchange Commission (SEC) has several other similar products pending approval on its desk, and the green light might come as early as next month.
The decision deadline for Grayscale’s spot XRP ETF is set for October 18, whereas 21Shares, Bitwise, Canary Capital, and WisdomTree await the final “yes” or “no” a few days later.
Eleanor Terrett (former Fox Business journalist) recently revealed that the SEC has asked the issuers of XRP and other crypto ETFs to withdraw their 19b-4 filings following the approval of the generic listing standards. Numerous X users suggested that this change could speed up the process and pave the way for a wave of similar investment products in the near future. Bloomberg’s Eric Balchunas highlighted the update, saying:
“This was something we thought could happen. It makes sense as you don’t need 19b-4s in the post-GLS world. Just not sure how the launch schedule will work yet. More will be revealed soon..”
RLUSD Gains Traction
Ripple’s stablecoin (pegged 1:1 to the American dollar) saw the light of day towards the end of 2024 and initially received support from Uphold, Bitso, Moonpay, CoinMENA, and other exchanges.
Over the past several months, Kraken and Gemini also followed suit. The latest to hop on the bandwagon is Bybit, which has introduced the trading pairs: RLUSD/USDT, BTC/RLUSD, ETH/RLUSD, XRP/RLUSD, and MNT/RLUSD.
The stablecoin’s market capitalization has been gradually increasing, and as of press time, it stands at almost $790 million. This makes it the 14th biggest asset in its category and still far below the giants USDT and USDC.
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XRP Price Outlook
Several hours ago, Ripple’s native cryptocurrency registered a brief uptick above $2.90 but currently trades at around $2.85 (representing a mere 0.5% decline on a daily scale).
CryptoPotato recently reported the case of the trader with the nickname “qwatio” who opened a 20x short position on XRP (valued at $17.6 million) and whose liquidation price was $2.9115. Onchain Lens revealed that the person was liquidated, with their $4.22 million Hyperliquid deposit shrinking to just $653,000 in three days.
The crypto community seems divided on XRP’s next potential move. Bullish analysts, such as X user Mikybull Crypto, believe a “mega breakout” could be on the horizon. Others, including EGRAG CRYPTO, outlined some technical indicators according to which the asset may head south in the short term.
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