With just 16 days left for the SEC to appeal against the latest court ruling, XRP has started to gain heat in the market.
Ripple is getting ready for a big October. Its annual Swell conference will be held in Miami on 15-16 October, and Grayscale’s XRP Trust is gaining momentum.
With just 16 days left for the SEC to appeal against the latest court ruling, XRP has started to gain heat in the market. Here's a quick look at what's happening with XRP and what might be next on the horizon.
1. Ripple Swell 2024
Ripple's Swell conference is an annual event where top blockchain and financial leaders from around the world gather. It was first launched in 2017 and since then, it has been growing in size and importance.
This year, the Swell conference is going to happen in Miami, Florida on 15-16 October. It's not just an annual meeting, it provides a platform for deep conversations on the future of cryptocurrency and its role in global finance.
At Swell, participants can expect intense discussions about blockchain trends, XRP adoption, and how it can help in reshaping the financial landscape.
2. Grayscale’s XRP Trust
Grayscale announced the launch of its XRP Trust on September 12 allowing accredited investors to gain XRP exposure through private placements. The inception date of this fund is September 5, 2024.
As of September 20, grayscale XRP fund has $707,080.54 worth of assets under management. It is gaining momentum as its net asset value per share climbed from $140.31 to $11.49 within weeks.
More than anything, the market is getting excited by the speculations surrounding the possibility of an XRP Spot ETF. After the success of introducing XRP Trust, Grayscale may be preparing to push for an ETF.
This would make XRP more accessible to retain investors. An XRP ETF will significantly increase demand and will boost the adoption and price of XRP.
3. Ripple’s Stablecoin
Stablecoins are attracting not only the users but various organizations. That is why more and more companies are launching their own stable coin.
Forbes data shows that the market cap of stablecoins has reached $172.38 billion. In the Token2049 event, Bitgo announced they will launch a stable coin in January 2025.
Overall, the news about Ripple’s Stablecoin has brought a new excitement to the market.
Ripple USD (RLUSD) is currently in the beta testing phase. The stablecoin is backed 1:1 by the US dollar and supported by cash reserves and short term US government treasuries.
Experts believe that Ripple USD could enhance liquidity on the XRP ledger, opening up new use cases for cross border payments.
4. Two Weeks for Appeal
Only 16 days are left for the SEC to appeal against the latest court ruling where Ripple is fined with $125 million in civil penalty.
The court has ruled that not all XRP sales were in violation of Securities act and hence dismisses the request of the SEC to fine Ripple with $2 billion. This has been marked as a major win for XRP. Some believe that the SEC is not going to appeal.
5. What’s Next?
XRP has claimed a major win in the SEC vs Ripple case and this has sent a huge celebration in the crypto ecosystem.
Now with the launch of Grayscale XRP Fund and Ripple entering the stablecoin market the community is excited to see growth in XRP adoption and price.
With 16 days left for the SEC to file an appeal, there is a little fear in the community as an appeal could cause the case to stretch to 2025.
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