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Highlights
- Ripple President Monica Long supports the idea of an XRP ETF due to regulatory clarity and market position.
- Long notes XRP's consistent ranking as a top 10 asset by market cap and significant daily trading volume.
- Ripple is developing a stablecoin project that is expected to launch by the end of 2024.
Ripple President Monica Long recently strongly supported an XRP exchange-traded fund (ETF). During an interview with CNBC, Long stated that an XRP ETF would make “a lot of sense,” given the current regulatory clarity surrounding XRP and Bitcoin in the U.S. She highlighted XRP’s position as a top 10 asset by market cap and noted its significant daily traded volume. Long’s comments align with Ripple CEO Brad Garlinghouse’s recent prediction that a spot XRP ETF launch is “inevitable.”
Ripple President Endorses XRP ETF Potential
Monica Long emphasized the regulatory clarity of XRP in the U.S., which places it alongside Bitcoin. She pointed out that XRP has consistently been a top 10 asset by market cap and is among the top 5 in daily trading volume. Long believes these factors make an XRP ETF a logical step for the market. She also mentioned that institutional interest in crypto is growing and is driven by Bitcoin ETFs and tokenized assets. According to Long, sophisticated investors are entering the market, which could pave the way for more crypto-based financial products.
Long’s comments follow Ripple CEO Brad Garlinghouse‘s recent prediction that a spot XRP ETF launch is “inevitable.” In a CNBC interview, Garlinghouse explained that approving multiple altcoin ETFs is sensible because investors prefer diversified exposure over investing in a single coin. Additionally, he expressed confidence in the success of the forthcoming Ethereum ETFs.
Ripple is also making strides in the stablecoin sector. Monica Long revealed that Ripple is working on a yet-to-be-named stablecoin project, expected to launch by the end of 2024. She stated, “We are working on everything you need to do to bring a product like this to market.” Long assured that the XRP token would still be needed even after the stablecoin’s launch, as XRP will continue to serve as a bridge asset.
Long pointed to projections indicating that the stablecoin market could exceed $3 trillion in cumulative market cap within the next five years. She noted the increasing demand for stablecoins due to their easy access to US dollars and their convenience in payment. Long expects the stablecoin project to attract significant institutional interest, further solidifying Ripple’s position in the crypto market.
Secure GBP and EUR Payouts via Ripple
In addition to its ETF and stablecoin initiatives, Ripple recently announced a collaboration with Clear Junction. This partnership aims to expand Ripple’s presence in the European market by enabling instant and secure GBP and EUR-denominated payouts. According to the announcement, Clear Junction will facilitate these payouts for Ripple’s customers, enhancing cross-border payment services.
Clear Junction is an FCA-authorized e-money institution that offers multi-currency payment accounts, virtual IBANs, and treasury services for regulated financial institutions. Ripple’s partnership with Clear Junction marks a significant step in boosting its cross-border payment capabilities. The firm’s operational strengths provide security and protection for its partners’ funds, further strengthening Ripple’s service offerings in the European market.
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