Monica Long recently expressed strong support for an ETF that invests in XRP, citing existing regulatory clarity around XRP in in the U.S.
Recently, Ripple President Monica Long expressed her unwavering support for an exchange-traded fund (ETF) that would invest in XRP.
Monica Long remarked that an exchange-traded fund (ETF) for XRP would make “a lot of sense” in light of the existing regulatory clarity around XRP and Bitcoin in the United States. She made this statement in an interview with CNBC.
She brought attention to the fact that XRP is one of the top 10 assets in terms of market capitalization and mentioned the large daily trading volume it experiences. This aligns with Ripple CEO Brad Garlinghouse’s recent prediction that a spot XRP ETF launch is “inevitable.”
Monica Long Endorses XRP ETF Potential
Monica Long emphasized for the first time the regulatory clarity of XRP in the United States, positioning it alongside Bitcoin. Monica Long emphasized that XRP consistently ranks among the top 10 assets by market cap and is among the top five in terms of daily trading volume.
According to Long, these elements make an exchange-traded fund (ETF) for XRP a reasonable step for the market. Bitcoin exchange-traded funds (ETFs) and tokenized assets are the primary drivers of the increased interest in cryptocurrency among institutions, as she noted.
Long asserts that the influx of sophisticated investors could facilitate the creation of additional cryptocurrency-based financial products. This comes after Ripple CEO Brad Garlinghouse recently stated that the launch of a spot XRP ETF is “inevitable.”
This forecast is followed by Long’s comments. Garlinghouse noted in an interview with CNBC that it is reasonable to approve many alternative cryptocurrency exchange-traded funds (ETFs) since investors like to have diverse exposure rather than investing in a single coin.
In addition to this, he said that he is optimistic about the performance of the upcoming Ethereum exchange-traded funds. Stablecoins are another area in which Ripple is making significant progress.
Monica Long revealed that Ripple is currently developing a stablecoin project, currently without a name, with plans to launch it by the end of 2024. “We are working on everything you need to do to bring a product like this to market,” she said. “We are working on everything.”
The stablecoin’s launch will not eliminate the need for the XRP token, as it will continue to serve as a bridge asset. According to Long, there are forecasts that indicate that the cumulative market cap of the stablecoin industry could surpass $3 trillion during the next five years.
She noted the growing demand for stablecoins due to their easy conversion into US dollars and the cost-effectiveness of their payment methods. Long predicts that institutional investors will pay significant attention to the stablecoin project, bolstering Ripple’s standing in the cryptocurrency market.
Secure GBP and EUR Payouts via Ripple
Ripple has announced a collaboration with Clear Junction, in addition to the exchange-traded fund (ETF) and stablecoin efforts it has been working on. The purpose of this agreement is to broaden Ripple’s footprint in the European market by making it possible to make rapid and secure payouts in United Kingdom pounds and euros.
According to the announcement, Clear Junction will handle these payouts for Ripple’s customers, enhancing the cross-border payment services available. The Financial Conduct Authority (FCA) authorizes Clear Junction, an electronic money institution that offers multi-currency payment accounts, virtual IBANs, and treasury services to regulated financial institutions.
Ripple has taken a huge step toward improving its capacity to process payments across international borders. The operational strengths of the company further strengthen Ripple’s service offerings in the European market, ensuring security and safety for its partners’ funds.