Ripple's XRP Ledger Suffers 64-Minute Outage; XRP ETF Hopes Soar

Ripple's XRP Ledger recently experienced a 64-minute outage, which was caused by a 'network drift' after validations failed to be published despite running consensus. Ripple's CTO, David Schwartz, confirmed that only one validator intervened to restore the network, or the network may have 'elf-healed.' The disruption briefly affected wallet transactions, but no assets were lost. However, some market analysts, like MartyParty, criticized the blockchain's slow throughput and questioned whether XRP would survive.

In other news, XRP, the third-largest crypto by market cap, has gained significant attention lately, including the possibility of the launch of XRP Spot ETFs in 2025. Ryan Rasmussen, the head of research at Bitwise Invest, revealed that top institutional players are closely watching developments related to the XRP market. A prominent wealth management team is interested in allocating XRP in their clients' portfolios, and the SEC's approval of Bitcoin and Ethereum ETFs has boosted industrial adoption. Bettors at Polymarket suggest an 80% probability that an XRP Spot ETF will be approved in 2025, which could benefit the XRP market and the broader crypto market.

However, compliance hurdles still exist for wealth firms, and even though Bitcoin Spot ETFs were approved in early 2024, many prominent wealth management firms have not yet approved these products for client portfolios. XRP's future looks promising, with potential ETF approvals and CME's plans for futures contracts. The increasing demand for XRP, Bitcoin, and Ethereum in client portfolios highlights crypto's expanding role in traditional finance. If the SEC approves XRP Spot ETFs, it could significantly boost adoption, benefiting both XRP and the broader crypto market.