From the recent spot XRP ETFs to the advancement of Ripple’s stablecoin: here’s the latest.
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Ripple has been among the most trending topics in the crypto space lately, thanks to numerous developments across its ecosystem.
The native token XRP is in green territory today (November 27), albeit posting less substantial gains than many of the other leading digital assets, such as Bitcoin (BTC) and Ethereum (ETH).
The ETF Craze
Canary Capital made history in mid-November, becoming the first company to introduce a spot XRP ETF that has 100% exposure to the asset. The product’s debut day was a real success, generating almost $60 million in trading volume.
Shortly after, the US Securities and Exchange Commission (SEC) approved a similar financial product issued by Bitwise, which also performed quite well. Earlier this week, Grayscale and Franklin Templeton followed suit, thus emerging as the latest major players to enter the spot XRP ETF arena.
Current data from SoSoValue shows that the cumulative net inflows into the products are above $640 million since the first one saw the light of day a couple of weeks ago.
Investors await the launch of additional exchange-traded funds with Ripple’s cross-border token as an underlying asset, and it seems the one issued by 21Shares will be next. Several X users revealed that the investment vehicle has been approved and is expected to go live on November 29.
RLUSD’s Advancement
Less than a year ago, Ripple introduced a stablecoin, pegged 1:1 with the US dollar. The product, dubbed RLUSD, was embraced by numerous exchanges in the following months and received support from some banking giants, including the oldest US bank, BNY Mellon.
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Just recently, Ripple announced that Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has recognized its stablecoin as an accepted fiat-referenced token. The initiative makes RLUSD eligible for use by authorised individuals licensed by the agency to carry out applicable regulated activities. Speaking on the matter was Jack McDonald (Senior Vice President of Stablecoins at Ripple):
“The FSRA’s recognition of RLUSD as a fiat-referenced token reinforces our commitment to regulatory compliance and trust – two non-negotiables when it comes to institutional finance.”
The development marks Ripple’s further expansion in the Middle East. Earlier this year, the Dubai Financial Services Authority (DFSA) recognized the stablecoin as a crypto token within the Dubai International Financial Center (DIFC).
Meanwhile, RLUSD recently saw its market capitalization surge above $1.25 billion. This makes it the 83rd-largest cryptocurrency but still far below the leaders in the stablecoin sector, USDT and USDC.
XRP Price Outlook
Ripple’s native cryptocurrency has posted a minor 1% increase on a daily scale and currently trades at around $2.20 (per CoinGecko’s data). This contrasts with the much more impressive gains experienced by BTC, ETH, and other well-known digital assets within the same period.
Still, many analysts believe XRP could be gearing up for a substantial short-term rally. X user Ali Martinez noted that the price rebounded from the lower end of a particular channel located below $2, suggesting this could be followed by a pump to as high as $2.60.
However, the recent whale sell-off should serve as a warning that another correction could be knocking on the door. As CryptoPotato reported, large investors offloaded almost 1.5 billion XRP in the past month or so, while earlier this week they dumped an additional 180 million tokens.
The exodus may spark panic across the community and potentially trigger a wave of selling from smaller players as well. It also leaves open the possibility that the whales know something we don’t, which could explain their recent activity.
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Source: https://cryptopotato.com/ripple-xrp-news-today-november-27th/