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While XRP has experienced a notable price drop amid the broader pullback, several upcoming developments could potentially turn the tide for XRP.
As of today, XRP briefly dipped below $2 and is struggling to recover, currently trading at $2.13 at the time of writing. This represents a massive 21% loss in its weekly price trend.
In light of this, XRP enthusiasts are turning their attention to three key factors that could reignite bullish momentum for XRP. These developments are expected to have a direct impact on the token’s price.
Ripple’s RLUSD Stablecoin Set to Go Live
Ripple is preparing to launch its highly anticipated U.S. dollar-pegged stablecoin, RLUSD. This launch, which will follow regulatory approval from the New York Department of Financial Services (NYDFS), is expected to enhance Ripple’s offerings for institutional payments.
Ripple recently dispelled rumors suggesting a launch date of December 4, clarifying that it is still working with the NYDFS to obtain final approval.
In the most recent update, Ripple CEO Brad confirmed that Ripple USD had received final approval from the New York State Department of Financial Services (NYDFS). Soon, the RLUSD launch will be announced by Ripple’s official Twitter account.
This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
The introduction of RLUSD aims to strengthen Ripple’s role in cross-border settlements and increase XRP’s utility within its ecosystem.
Market analysts speculate that the stablecoin’s rollout could attract more institutional adoption, which, in turn, could drive demand for XRP as a bridge currency in Ripple’s payment solutions.
XRP ETFs
XRP community members are speculating that major asset management firms like BlackRock may be preparing to file applications for XRP exchange-traded funds (ETFs). Meanwhile, four other asset managers have already submitted applications to the SEC for an XRP ETF.
These include prominent firms such as WisdomTree, 21Shares, and Bitwise. Notably, Canary Capital, an investment management firm, initiated the process for an XRP ETF filing in October, with others following suit.
An approved XRP ETF would provide regulated exposure to XRP, paving the way for mainstream adoption and significant capital inflows. Similar Bitcoin spot ETFs have already attracted billions in investments, and a comparable surge for XRP could substantially impact its market performance.
Ripple vs. SEC Settlement on the Horizon
The ongoing legal battle between Ripple and the SEC continues to hang over the XRP market. However, there is growing speculation that a settlement may be more likely after the swearing-in of President-elect Donald Trump in January.
A favorable resolution would eliminate perceived regulatory uncertainty around XRP and further solidify its classification as a non-security. Such a development could be a powerful catalyst for XRP’s price appreciation, especially with Gary Gensler no longer heading the SEC.