From CryptoPotato · By Jordan Lyanchev
In this article, we will review some of the most important news, partnerships, and developments around the broader Ripple ecosystem, including the company’s ongoing effort to expand its regulatory and institutional footprint.
We will also check to see what has happened with the XRP ETFs, as there’s finally some good news, but in a very modest manner, and we will talk about the underlying asset’s price.
Ripple and XRPL
Let’s begin with a report from earlier this week, which informed that Ripple has backed the proposed Regulation Crypto Assets framework made by the US Securities and Exchange Commission. The company argued that the industry needs clear legislation instead of case-by-case enforcement.
Ripple was particularly supportive of the principle that the investment contract, rather than the token itself, should determine whether the asset is a security. It also pushed back against several classifications it believes could recreate regulatory uncertainty.
The firm also expanded its institutional presence through 24/7 RWA perpetual swaps via its own prime brokerage, Ripple Prime. Additionally, Cross River Bank partnered with Ripple to bring the latter’s stablecoin, RLUSD, into its banking platform.
There are also some new developments on the latest XRP Ledger upgrade. As reported recently, the fixCleanup3_4_0 amendment was expected to be activated on Friday, October 23, provided validator support remains above the required 80% threshold. However, the threshold briefly dropped below that percentage yesterday, just two days before implementation, delaying it until November.
On the adoption front, Ripple’s cross-border token finally got its own official X account. It attracted almost 50,000 followers in just a couple of hours after launching, but the number is above 150,000 as of press time. Some of the first major official accounts that welcomed it included Ripple’s CEO, Brad Garlinghouse, Gemini, Uphold, Flare, MoonPay, and others.
XRP ETFs Broke Their Streak
CryptoPotato reported over the weekend that one of the longest crypto ETF weekly streaks finally came to an end. After 13 consecutive green weeks, in which net inflows dominated, the spot XRP ETFs recorded minor outflows of less than $2 million in the week that ended on October 15.
This was a sharp contrast to the massive $75 million in net inflows recorded just a few weeks earlier. The reversal didn’t erase the strong run the products enjoyed beforehand, but it signaled that institutional appetite cooled alongside the broader market’s stagnation.
The beginning of the current business week solidified this belief, as the XRP ETFs saw two days with no reportable flows. The first green day was October 21, which was the good news, but the bad news was that the actual inflow was less than $1 million.