ETF Buzz, Stablecoin Bill and Top Highlights

XRP News: Ripple cryptocurrency is once again buzzing with activity at the moment amid key market developments of a successful XRP futures ETF launch and a stablecoin bill. XRP price is up 3% today with daily trading volumes surging 45% to $4.33 billion, suggesting strong trader sentiment. Additionally, talks of Ripple acquiring USDC stablecoin issuer Circle, and the passing of the GENIUS Act next week, could have a positive impact on the RLUSD stablecoin.

XRP News: Futures ETF Launch Buzzes Market Activity

The CME XRP Futures ETF launch earlier this week proved to be successful, with trading volumes reaching nearly $6 million, outpacing giants like Ethereum. This shows that the institutional demand for the Ripple cryptocurrency remains intact despite the recent delays in the SEC lawsuit settlement.

In another such development, Volatility Shares XRP Futures ETF will launch on the Nasdaq exchange today. The exchange-traded fund (ETF), managed by the Volatility Shares Trust, plans to invest indirectly in Ripple-linked token futures through its Cayman Islands subsidiary, as detailed in a filing with the Securities and Exchange Commission on May 21.

The Volatility Shares XRP Futures ETF will trade with the $XRPI ticker and invest at least 80% of the value in different XRP-linked products. Additionally, the asset manager plans to launch a 2x futures ETF that promises double of the daily price appreciation in the Ripple cryptocurrency via the leverage exposure to XRP futures.

Amid the recent XRP News, discussions around the launch of spot XRP ETF have caught steam once again. However, this will be subject to a complete settlement in the Ripple-SEC lawsuit. Franklin Templeton, 21Shares, and Bitwise are among the contenders aiming to launch spot XRP ETFs.

Meanwhile, predictions on Polymarket estimate an 83% likelihood of a spot XRP ETF receiving approval this year. Speaking on this development, ETF Store President Nate Geraci said: “I simply don’t see this SEC not approving spot XRP ETF”.

All Eyes on RLUSD And Stablecoin Bill Passing

Another major buzz around the XRP News is surrounding the GENIUS Stablecoin Bill that moved to the US Senate for a vote, which will further proceed to the House of Representatives for final passing of the bill. If passed, the act is expected to positively impact U.S.-based stablecoins like Ripple’s RLUSD.

Should RLUSD capture 1% of USDT’s $150 billion market cap, its valuation could grow from the current $312 million to $1.5 billion by year’s end—a nearly fivefold increase. If XRP mirrors this growth rate, its price could climb fivefold, reaching a target of $11.75 by the end of the year.

However, XRP lawyer John Deaton has warned that if the stablecoin bill aka GENIUS Act fails to pass through the US Senate, other crypto laws could be in jeopardy. Deaton described the stablecoin regulation bill as non-controversial and aligned with national interests.

However, he cautioned that if lawmakers fail to pass this straightforward legislation, the chances of advancing more complex crypto-related bills, such as market structure reforms, the Lummis-Gillibrand proposal, or tax policies, are slim in the near future.

XRP Price Fails to Make Much Move

XRP price movement has been a bit dull recently despite the mega pump in Ethereum and other altcoins over the past month. The Ripple cryptocurrency has faced stiff resistance at $2.50, where it faces strong selling pressure.

As of press time, XRP price is trading 2.65% up at $2.42, but with a 45% upside in daily trading volume to $4.33 billion. Also, the Coinglass data shows that the XRP futures open interest has skyrocketed by 27% to over $5.04 billion, highlighting strong bullish sentiment among traders.

On-chain data reveals that on May 21, a whale address transferred nearly 250 million XRP tokens from the Kraken exchange. Historically, significant accumulation by XRP whales has often preceded price rallies, driven by increased demand and reduced exchange supply.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.