Ripple (XRP) President Monica Long Hints XRP ETF Could Be Approved Soon

Ripple's RLUSD stablecoin will soon become available on more major cryptocurrency exchanges. Ripple President Monica Long announced this in a Jan. 7 interview with Bloomberg.

Major crypto exchanges will soon begin listing Ripple’s (XRP) RLUSD stablecoin, according to Ripple President Monica Long in a Bloomberg interview on January 7. She stated that new exchange listings are expected “imminently.”

“We are continuing to expand distribution and availability of Ripple dollars on other exchanges,”

Long added. However, she did not specify whether platforms like Coinbase will include RLUSD in their offerings.

As it stands, Bitso, MoonPay, CoinMina, Bullish, Mercado Bitcoin, B2C2, Keyrock, Archax, Independent Reserve, and JST Digital currently list the RLUSD stablecoin, as per Ripple’s official website.

RLUSD’s Current Market Performance

Ripple pegged RLUSD 1:1 to the United States dollar when it launched on December 17. The stablecoin currently has a market capitalization of $71.8 million, according to CoinGecko.

A large portion of its trading activity is on the Bullish crypto exchange, which handles over 76% of RLUSD’s trading volume. Its main trading pairs on Bullish are RLUSD/USD Coin (USDC) and XRP/RLUSD.

Sologenic, a decentralized exchange, contributes a smaller amount, with its XRP/RLUSD pair recording $3.4 million in 24-hour trading volume, which is 3.56% of the total.

Ripple Payments Fuel RLUSD Growth

Demand for RLUSD has been driven by Ripple's payments business, which has seen significant growth. According to Long, Ripple’s payments operations doubled in size last year.

“Our business doubled within payments last year, and so we see a really strong growth trajectory for our payment solution,”

Long stated, highlighting RLUSD’s role in facilitating Ripple’s payment ecosystem.

The stablecoin market has grown 55% year-over-year to reach a total value of $206.2 billion, according to DefiLlama. Ripple is looking to meet the increasing demand for stablecoins, which Long said are essential for on-ramp and off-ramp solutions.

XRP ETF Approval Expected Soon

Ripple’s president also suggested that an XRP exchange-traded fund (ETF) could be approved soon.

“I think we will see one very soon […] XRP is likely to be next in line after Bitcoin and ETH,”

she stated.

Companies like WisdomTree, Bitwise, Canary Capital, and 21Shares have already applied for XRP ETFs. WisdomTree submitted its application to the U.S. Securities and Exchange Commission (SEC) on December 2, 2024.

Ripple, Chainlink Partnership for RLUSD

Ripple recently partnered with Chainlink to expand RLUSD’s use cases. The collaboration, announced on January 7, includes integrating price feeds for RLUSD on Ethereum and the XRP Ledger.

This partnership aims to provide secure and accurate pricing data while supporting decentralized finance (DeFi) applications. It is also expected to help reduce risks like price manipulation and downtime, making RLUSD more reliable for users.