XRP Gains Traction: Institutions Eye Ripple Amid New ETF Applications
Key Takeaways:
- Institutional interest in XRP products has surged, with multiple firms filing for XRP ETFs.
- Ripples quarterly report highlights a positive shift in the crypto market following macroeconomic changes.
- Regulatory clarity for XRP strengthens its position in the market amid ongoing SEC challenges.
Brad Garlinghouse, the CEO of Ripple, recently emphasized that institutional interest in XRP products has reached new heights. This comes as investment firms like Bitwise, Canary, and 21Shares have filed S-1 applications for XRP exchange-traded funds (ETFs).
Grayscale has also launched an XRP Trust while attempting to convert its multi-asset fund into an ETF. Garlinghouse added that the continuous fight of the SEC against the crypto industry only brings to light the urgency for regulatory clarity and a fair game. He claimed that losses from the recent cases against the SEC would lead to a weakening in their credibility over time.
Market Dynamics Shifting in Favor of XRP
The Q3 2024 Ripple Markets Report shows large fluctuations in market dynamics, greatly influenced by macroeconomic factors. Following the interest rate cut announced by the U.S. Federal Reserve, which reduced interest rates by 50 basis points, most responses given by risk assets were positive.
The price of Bitcoin surged by over 10%, while many altcoins gained as high as 50%. The report points out that the recent debut of Ethereum ETFs brought in over $552 million, which underlines growing institutional interest in crypto.
Ripples report underscores the importance of transparency and proactive communication in building trust within the industry, urging others to enhance dialogue and collaboration.
Ripple Strengthens Regulatory Ties as XRP Gains Momentum
Despite the SECs attempts to classify XRP as a security, a recent court ruling affirmed that the token is not inherently a security. This pivotal ruling, coupled with the SECs decision to appeal certain aspects, has led to increased confidence in its regulatory status.
This, in turn, explains why most U.S. exchanges have since readmitted Ripples native token into their listings, while the introduction of the XRP futures by Bitnomial is an important milestone in the markets development. The report testifies to the increase in interest of institutional investors in the token that has proved durable through regulatory adversity.
Moving forward, this dedication of Ripple to relationship-building with regulatory bodies and openness will go a long way in steering through the complex crypto landscape. With more institutional interest and favorable major regulatory signs of progress, the token is supposedly looking bright for a great future in the digital assets market.
Related Reading | Ethereum Faces Grim 62% Plunge According to Veteran Analyst Brandt
Read more: https://www.tronweekly.com/xrp-gains-traction-institutions-eye-ripple/
Text source: TronWeekly
