XRP is turning heads again

This isn't theoretical adoption. It's real capital, flowing into real positions driven by long-term utility rather than hype.

The cryptocurrency market is known for its volatility, with tokens often surging or dropping sharply in response to specific events or news. Recently, one token has been turning heads with its consistent gains and interesting developments.

XRP, the sixth-largest cryptocurrency by market cap, has seen its price rise by more than 200% since the start of 2024. The token is now trading above the $0.70 mark, and its market cap has soared to nearly $137 billion.

One factor that could significantly boost XRP’s price further is the probability of a spot XRP exchange-traded fund being approved by U.S. regulators. According to digital asset management firm Factor+, the odds of such an ETF being approved in the next 12 months have risen to 92%.

Earlier this month, the Securities and Exchange Commission rejected applications for spot Bitcoin ETFs from asset managers. However, the regulator also stated that it wouldn’t object to the listing of a spot XRP ETF.

Earlier this year, several firms, including Bitwise, SEI, and Shapeshift, filed applications for spot XRP ETFs with the U.S. Securities and Exchange Commission.

If a spot XRP ETF is approved, it could lead to increased institutional demand for the token, potentially pushing its price higher. Moreover, a U.S.-listed XRP ETF could serve as a gateway for retail traders who prefer investing in familiar and easily accessible products.

In other developments related to XRP, two Nasdaq-listed firms are planning to allocate a total of $421 million into programs that will use the token for cross-border payments and treasury management.

Webus International, a mobility and booking platform, plans to allocate $300 million into XRP-backed programs for cross-border operational use. Meanwhile, VivoPower, a renewable energy company, is positioning $121 million into similar programs.

Both companies aim to leverage XRP’s efficiency and low fees for cross-border transactions, especially in Southeast Asian nations where both firms have significant operations.

The move by these listed firms to integrate crypto directly into their core reserves and operations is a significant step in the adoption of digital assets.

In the past three months, several institutions have been showing interest in XRP. According to blockchain data, wallets holding between one and ten million XRP have added more than two billion tokens over the past 60 days.

Earlier this year, crypto analytics firm Glassnode highlighted that XRP is the fifth-largest token by market cap, yet it has the lowest total value locked in DeFi protocols. This suggests that the majority of XRP tokens are held by institutions for specific use cases rather than being locked in DeFi protocols.

As the legal cases against Ripple and its executives come to an end, and with U.S. regulators showing a preference for approving a spot XRP ETF, the token could be poised for a breakout in the coming months.