Ripple (XRP) News Today: January 7

What’s the latest about Ripple and its ecosystem?

Global expansion and future plans

Earlier this week, there were tons of popular X users revealed that Ripple has strengthened its presence in Japan by entering into strategic partnerships with local banks such as Mizuho Bank, SMBC Nikko and Securitize Japan.

“We’re not just talking about payments anymore, we’re talking about tokenized securities and real assets on the XRPL,” said PaulBarron.

Due to regulatory challenges in the US in recent years, Ripple has shifted its focus abroad and Asia has become a key area. Last month, the Monetary Authority of Singapore (MAS) granted the company a special license that allows it to offer additional services to local customers. Other Asian countries where Ripple has expanded include the UAE, Thailand, and others.

In the fourth quarter, the company secured a $500 million funding round, bringing its total valuation to a whopping $40 billion. Some industry participants have speculated that Ripple’s next step is an IPO, but President Monica Long recently said that such plans are not on the table:

“Currently, we still intend to remain private… We are in a very healthy position to continue to finance and invest in the growth of our business without going public.”

The ETF craze

The first company to introduce a spot XRP ETF with 100% exposure to the asset was Canary Capital. This happened in mid-November last year, with Bitwise, Franklin Templeton, Grayscale and 21Shares following shortly after. Interest in these products has been quite high as they have generated cumulative net inflows of approximately $1.25 billion.

Meanwhile, WisdomTree, which appeared to be the next company to get the green light to launch a spot XRP ETF in the US, has officially withdrew its S-1 registration.

“The Trust requests the withdrawal of the Registration Statement because it has decided not to proceed with the offering to which the Registration Statement relates at this time. No shares have been sold pursuant to the aforementioned Registration Statement,” the document said.

XRP: ‘The most popular crypto trade of the year’

Ripple’s native cryptocurrency is up 20% in the past week and is currently trading at $2.25 (according to CoinGecko data). Potential catalysts behind the positive performance include recent inflows into spot XRP ETFs, dwindling foreign exchange reserves and an abrupt whale sell-off.

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The activity took center stage on January 6 described named “the hottest crypto trade of the year” by financial news media company CNBC. The hosts of the Power Lunch show claimed that there is “big money” behind this token, and pointed out the significant interest in the spot XRP ETFs.

Several analysts are very optimistic about the asset and expect further gains in the short term. X-user STEPH IS CRYPTO claimed that as of now, XRP is at the same point it was in 2017 and 2024, just before notable gains were made.