XRP experienced a slight dip on Wednesday, partially reversing the previous day’s gains, amidst discussions surrounding Ripple’s plans for a stablecoin and the potential for XRP-spot exchange-traded funds (ETFs).
In a CNBC interview, Ripple President Monica Long addressed the growing institutional interest in digital assets, mentioning the company’s plans to launch a US dollar-backed stablecoin. Long cited demand from financial institutions seeking to leverage blockchain for efficient global payments as the driving force behind the stablecoin initiative.
While the SEC has raised concerns about the stablecoin potentially being an unregistered crypto asset, Long affirmed the continued need for XRP even after the stablecoin’s launch.
Regarding XRP-spot ETFs, Long expressed her belief in their viability, stating that XRP and Bitcoin are the only cryptocurrencies with regulatory clarity in the US. She highlighted XRP’s position as a top-10 crypto asset by market cap and its high daily trading volume.
However, the SEC’s planned appeal against the Programmatic Sales of XRP ruling may impact the timing of a potential US XRP-spot ETF market, as regulatory clarity remains crucial for such products.
As the digital asset landscape evolves, Ripple’s initiatives and the regulatory environment will play a pivotal role in shaping XRP’s future and its integration into traditional financial markets.
