XRP Ledger Positioned as Wall Street Competitor, CEO Claims

At the Ripple Swell conference, Canary Capital CEO Steven McClurg highlighted the XRP Ledger as a potential rival to Wall Street's financial systems due to its efficient cross-border payment capabilities. High remittance costs, often between 8% and 15%, can be reduced using blockchain rails like XRPL.

Key Developments

Several fund managers, including Franklin Templeton and Bitwise, have updated their filings for potential XRP exchange-traded funds (ETFs).
Franklin Templeton removed an 8(a) clause from its S-1 filing, which may accelerate approval processes.
Grayscale has amended its filings, naming key executives and counsel, signaling preparation for a possible November rollout.

XRP ETF Potential

McClurg predicted XRP ETFs could see $10 billion in inflows in their first month if well-backed.
The payments focus of XRP differentiates it from staking-reliant assets, potentially attracting unique investment flows.

Industry Moves

Ripple is promoting XRPL-focused products and services, enhancing utility for banks and large treasuries.
Partnerships with GTreasury and Rail aim to boost clearing and custody capabilities.

Market Implications

Traders are monitoring liquidity, trading spreads, and the investor profile of early ETF buyers.
Substantial ETF inflows could impact short-term price dynamics, though approval dates remain crucial.
Recent filing updates increase the likelihood of ETF launches within the current quarter.