Monica Long, president of Ripple on 25 June, 2024, illuminated the company’s advancements and future opportunities in light of a favorable court decision that ruled XRP is not a security. This verdict, which goes against the U.S. Securities and Exchange Commission (SEC)’s earlier claims, has brought much-needed clarity, enabling Ripple to pivot and explore new horizons.
Despite the SEC’s relentless efforts to challenge the growth of the crypto industry, Ripple has continued to forge ahead, enhancing its payments infrastructure, the XRP Ledger, and custody services via Metaco. Ripple has formed significant partnerships aimed at bolstering the XRP ledger and providing robust custody solutions for banks and financial institutions.
One of the exciting developments is the introduction of the RLUSD stablecoin, which Long believes will give Ripple a competitive edge in markets with low liquidity. Unlike XRP, the RLUSD stablecoin is not intended to compete but to complement XRP, driving its adoption through decentralized finance (DeFi) and institutional investors. Standard Custody, which Ripple acquired earlier this year, will manage the RLUSD reserves, ensuring stability and trust.
Moreover, Ripple has laid the groundwork for Real-World Asset (RWA) tokenization. In a recent collaboration with Archax, Ripple aims to bring hundreds of millions of dollars worth of tokenized real-world assets onto the XRP Ledger. This move aligns with trends seen among Wall Street giants such as BlackRock, JPMorgan, and Goldman Sachs, who are increasingly embracing blockchain technology.
Monica Long is particularly optimistic about the potential for an XRP exchange-traded fund (ETF). She cites several positive factors, including regulatory clarity from the US government, making XRP and Bitcoin the only crypto assets with such a distinction. This clarity could pave the way for issuers to file for an XRP ETF, offering investors a new avenue to gain exposure to XRP.
Ripple’s Chief Legal Officer, Stuart Alderoty, has urged the SEC to reconsider its demand for $2 billion in fines, criticizing the regulator for its perceived bad faith. Lawyers and former SEC officials suggest the SEC might not appeal Judge Torres’ summary judgment, which was seen as a partial victory for Ripple. The crypto community eagerly awaits Judge Torres’ final judgment on penalties, expected in July.
Amid these legal battles, XRP’s price has struggled to maintain an upward trajectory, trading around $0.48. The market’s uncertainty and bearish sentiment have contributed to a 27% slump in 24-hour trading volume, indicating a current lack of trader interest. However, with potential positive developments on the horizon, including the possibility of an XRP ETF, the future looks promising for Ripple and its supporters.
