Ripple’s XRP Gains Major Institutional Backing as ETF Applications Surge

• Ripple’s quarterly report highlights notable institutional interest in XRP, with major firms filing for ETF approvals.
• Ripple CEO stresses SEC’s rulings boost confidence, pushing U.S. exchanges to re-list XRP amid regulatory clarity.
• Grayscale, Bitwise, and others are moving forward with XRP-based financial products, signaling a growing acceptance of digital assets.

Ripple CEO Brad Garlinghouse has highlighted a notable surge in institutional interest in XRP products, with recent ETF filings adding weight to the cryptocurrency’s market value. In a recent tweet, Garlinghouse acknowledged significant milestones cited in Ripple’s Q3 2024 XRP Markets Report, signaling that institutional interest in XRP has reached new highs. 

He referenced major financial players such as Bitwise, Canary, and 21Shares, all of which submitted filings for XRP-focused ETFs. Simultaneously, Grayscale has introduced an XRP Trust, further bolstering XRP’s position among institutional investors.

Garlinghouse emphasized that these ETF filings are not only crucial in advancing market maturity but also instrumental in facilitating investor access to digital assets. ETFs play an essential role by offering a reliable and regulated pathway for institutional investors seeking exposure to cryptocurrencies. 

Moreover, they enhance legitimacy in the eyes of traditional financial entities, thereby potentially attracting a broader range of investors. As Garlinghouse noted, “The market message is clear institutional interest in XRP is stronger than ever,” a sentiment underscored by Ripple’s growing list of partnerships and product expansions.

XRP Reference Price Set, Futures Product Planned

During the third quarter, Ripple achieved another milestone when the Chicago Mercantile Exchange (CME) introduced an XRP reference price, further paving the way for the cryptocurrency’s broader institutional acceptance. Bitnominal, a financial technology company, also announced its intent to launch an XRP futures product, signaling a significant development in the asset’s market infrastructure. 

In a related move, Grayscale initiated plans to transition its multi-asset Digital Large Cap Fund featuring assets like BTC, ETH, SOL, XRP, and AVAX into an ETF. These steps underscore the industry’s recognition of XRP as a stable and valuable digital asset.

SEC Rulings Reinforce XRP’s Standing in the Market

Ripple’s legal victory over the SEC has proven to be a pivotal moment for the crypto market. Following a court ruling that XRP itself does not qualify as a security, U.S. exchanges have resumed listing the cryptocurrency, and global platforms have followed suit. This clarity in regulation has bolstered institutional confidence in XRP, with Garlinghouse openly criticizing the SEC’s approach.