Ripple (XRP) News Today: December 10

Here you will find the latest news related to Ripple and its ecosystem.

The ETF craze

Nearly a month ago, Canary Capital became the first company to launch a spot XRP exchange-traded fund (ETF) in the United States that has 100% exposure to the asset. Shortly afterwards, Bitwise, Franklin Templeton and Grayscale followed suit.

21Shares was rumored to jump on the bandwagon last week, but the official launch was postponed. Some X users revealed that the company has filed its Fifth Amendment to its S-1, bringing the product one step closer to a possible launch in the coming days.

The spot ETFs have generated significant interest among investors. According to data from SoSoValue, the cumulative total net flow into these products has reached nearly $950 million. Canary Capital’s fund includes $371 million, while Grayscale’s GXRP is in second place with $213 million.

RLUSD’s Progress

Ripple launched its stablecoin, called RLUSD, almost a year ago. It is linked 1:1 to the US dollar and has received support in recent months from numerous exchanges and even banking giants, including the oldest American bank, BNY Mellon.

In November, Ripple announced that Abu Dhabi’s Financial Services Regulatory Authority (FSRA) had recognized the product as an accepted fiat-referenced token. This marks RLUSD’s expansion in the Middle East as it received similar support from the Dubai Financial Services Authority (DFSA) for the same.

Meanwhile, the asset’s market capitalization has risen to nearly $1.3 billion, making it the 84th largest cryptocurrency. However, RLUSD remains an insignificant player in the stablecoin sector, which is dominated by Tether’s USDT and Circle’s USDC.

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XRP Price Outlook

Ripple’s native cryptocurrency is currently trading at around $2.06, down 5% on a weekly scale. And while the bulls are hoping for a near-term rebound, recent whale activity suggests a further downtrend may be on the horizon.

If CryptoPotato Major investors reportedly sold more than 500 million XRP (worth over $1 billion) in one week. This development increases the available supply and could result in a price drop (assuming demand does not keep pace). Moreover, it can cause panic and push smaller players to sell as well.