ETF XRP Ready To Launch, Here's Monica Long
JAKARTA - XRP-based Exchange-Trad Exchange Fund (ETF) launch plans are getting closer. ETF is an investment product traded on the stock exchange, similar to stocks, but reflects the performance of basic assets, such as commodities or cryptocurrencies. This was revealed by Ripple's President, Monica Long, in an interview with Bloomberg on Tuesday.
Long said that increasingly supportive crypto regulation in the United States provides a great opportunity for the launch of the XRP ETF. I think we'll see it soon. I'm sure more crypto spot ETFs will launch in the US this year, and XRP is likely to be next after Bitcoin and Ether," Long said.
This optimism is influenced by administrative changes in the US, which are predicted to accelerate the approval of the ETF filing. Long added that Ripple's latest stablecoin, RLUSD, will be available on more exchanges in the near future and is expected to be an important pillar in the company's payment and finance business.
The RLUSD stablecoin was first launched in December 2024 for the public on the Ethereum and XRP Ledger networks. Currently, RLUSD has recorded a market capitalization of 72 million US dollars (Rp1,166 trillion). To increase its usefulness in the decentralized finance protocol (DeFi), Ripple is working with Chainlink, adopting Chainlink services to provide reliable price infrastructure.
In October 2024, asset manager Bitwise submitted an application to the US Securities and Exchange Commission (SEC) to launch an XRP-based ETF. Apart from Bitwise, companies such as Canary Capital, WisdomTree, and 21Shares have also followed similar steps. However, until now there has been no official decision regarding the agreement.
Since Donald Trump's victory in the US election in November 2024, positive sentiment towards crypto regulation in the US has grown stronger. Ripple reports that in the last six weeks of 2024, the company has signed more deals in the US than six months earlier.
This shows significant changes in the post-election business climate. The price of XRP has also recorded a jump of more than 300% since Trump's victory, outperforming the performance of the majority of other crypto assets. According to CoinGecko data today, it is 37,500 per coin.