XRP News Today: XRP Surges 5% as Institutional Adoption and ETF Hopes Fuel Bullish Momentum

Oscar Ramos, a well-known crypto commentator, has urged investors to prioritize XRP, highlighting its potential as a crucial asset in portfolios during the current bullish market. This advice comes as Bitcoin recently hit a new all-time high of $112,000, driving significant momentum in the altcoin market, with XRP being one of the top beneficiaries.

Beyond Bitcoin’s rally, XRP is benefiting from several bullish developments. Ripple, the company behind XRP, has appointed BNY Mellon, the oldest running U.S. bank, as the primary custodian for the reserves backing its RLUSD stablecoin. This move aims to accelerate institutional adoption by bridging traditional finance with digital assets. Ripple will also leverage BNY Mellon’s transaction banking services to streamline its operations. This partnership follows the Federal Reserve’s rollback of anti-crypto policies, allowing banks to engage with crypto assets without needing prior approval.

Ripple is actively working to expand RLUSD adoption by applying for a national bank charter and a Federal Reserve master account. RLUSD recently surpassed TrueUSD to become the eighth-largest stablecoin, with a market cap exceeding $500 million. XRP supporters view RLUSD’s integration as bullish for XRP, given that the stablecoin runs on the XRP Ledger and uses XRP to pay transaction fees.

XRP proponents are also optimistic about the token’s prospects on the ETF front, as July is shaping up to be a pivotal month. Multiple futures-based XRP ETF proposals are set to launch this month. ProShares plans to introduce three XRP futures ETFs by July 14, offering leveraged exposure to XRP’s daily performance. Turtle Capital’s 2X Long XRP ETF is also launching on July 21, the same day Volatility Shares plans to debut two XRP ETFs. While the SEC has approved several futures-based XRP ETFs, it has yet to greenlight any spot versions. Currently, over 10 spot XRP ETF applications remain under review.

Amid these bullish developments, whales are positioning themselves accordingly. The number of wallets holding at least one million XRP is nearing an all-time high. As of now, there are 2,742 such wallets, just one shy of yesterday’s record of 2,743. Collectively, these large holders control a staggering 47.32 billion XRP. This growing accumulation signals strong confidence from major investors in XRP’s long-term potential.

This trend of accumulation is already being reflected in XRP’s price. The token has reached its highest price level in seven weeks, currently trading above $2.40. The last time XRP was at this level was in May. At press time, XRP is trading at $2.45, up over 5% on the day. Ramos’s suggestion that going all-in on XRP should be a priority is a warning to investors not to miss out on the next wave. Recall that XRP defied expectations in the last quarter of 2024, leaving critics in regret after the coin delivered a 7x return.