XRP ETF Potential: Monica Long’s Take Amid Ripple vs. SEC Case
The post XRP ETF Potential: Monica Long’s Take Amid Ripple vs. SEC Case appeared first on Coinpedia Fintech News
Monica Long, Ripple’s president, chimed into Ripple’s situation and future during its legal battle with the SEC. A key court ruling said XRP is not a security, allowing Ripple to expand its ecosystem. This decision helped Ripple focus on improving its payment systems, using the XRP Ledger, and developing new custody solutions with partners like Metaco.
Here’s what she has to say about Ripple’s future strategies despite the ongoing legal case.
Why RLUSD is Important?
Talking about the controversy over Ripple’s introduction of RLUSD, a stablecoin she said it is aimed at complementing rather than competing with XRP. RLUSD is expected to facilitate growth in DeFi applications and institutional adoption, bolstered by Ripple’s acquisition of Standard Custody earlier this year, which will manage RLUSD’s reserve.
Scope of Real-world assets (RWAs)
Moreover, Ripple has been actively involved in tokenizing real-world assets (RWAs) on the XRP Ledger in collaboration with Archax. This initiative has garnered attention from major financial institutions like BlackRock and JPMorgan, indicating growing confidence in Ripple’s technology among Wall Street giants.
Bullish on XRP ETFs
Moving on, Monica Long has also expressed her optimism about the potential for an XRP ETF, highlighting the regulatory clarity that both XRP and Bitcoin enjoy in the US. This regulatory certainty positions XRP favorably for broader institutional adoption, contrasting with ongoing legal tensions with the SEC over past issues.
Is XRP at its Final Leg or More Trouble expected?
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, has criticized the SEC’s handling of the case, suggesting that the regulator’s demand for fines amounting to $2 billion reflects misplaced priorities and obstacles to Ripple’s business growth. The outcome of the legal proceedings, particularly Judge Torres’ impending verdict on penalties, expected in July, holds significant implications for Ripple and XRP’s future trajectory.
XRP Price Impact
Despite these strategic moves and regulatory challenges, XRP’s market performance has been flat, trading around $0.473 with low trading volumes and fading investor interest.
The recent market downturn, led by Bitcoin’s 7.45% drop over the past week, has also affected XRP. XRP lost 6.3% of its value in the same period, currently priced at $0.4762 with a slight daily increase of 0.11%. Year-to-date, XRP is down 23.1%, reflecting the overall negative market sentiment. The XRP bloodbath reflects ongoing uncertainty surrounding the lawsuit and its potential outcomes.
There are more questions than answers as Ripple’s fate depends on the Ripple vs SEC case’s outcome. With Monica Long’s analysis, one thing is sure Ripple has already made Plan B to gain investor faith. Do you agree?
