Ripple, as well as the broader XRP ecosystem, started September with new institutional partnership, ETF milestones, and more developments.
Over the past few days, developments in Ripple’s ecosystem centered on asset management, custody, and tokenization.
Meanwhile, XRP has failed to extend the rally that briefly carried it to around $1.70 in August, leaving traders focused on resistance levels and key support lines.
Bitwise XRP ETF Tops $500 Million
Bitwise’s spot XRP ETF has surpassed $500 million in assets under management only nine months after it was first launched. As CryptoPotato reported, the fund held about $507 million after Monday’s close, while US spot XRP ETFs had managed to attract a record $1.66 billion in cumulative net inflows by the end of last week.
Bitwise’s product leads this particular category with more than $600 million in cumulative inflows. It’s currently ahead of Canary Capital’s XRPC and Franklin Templeton’s XRPZ.
The milestone suggests that there’s continued demand for regulated exposure to XRP despite the token’s pullback from its August high.
Ripple, SettleMint Target Banks with New Institutional Stack
Ripple Labs and SettleMint have launched a partnership. It seeks to integrate Ripple Custody with SettleMint’s Digital Asset Lifecycle Platform.
The offering is aimed at allowing regulated financial institutions to custody, issue, and manage tokenized assets through a single system.
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The service is already live in Asia, with expansion already planned. It targets banks, market infrastructure operators, and sovereign entities, while RLUSD and XRP are among the assets that support Ripple’s institutional solutions.
The partnership also provides the company with more exposure to tokenization – a market BCG estimates could reach $88 trillion in the next 10 years.
Evernorth Moves Closer to Nasdaq Listing
The popular XRP-focused treasury company Evernorth cleared yet another important regulatory hurdle after the US Securities and Exchange Commission declared its registration statement effective. Shareholders of merger partner Armada Acquisition Corp. II are scheduled to vote on the transaction on September 30th.
If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN. Evernorth has so far disclosed more than $1 billion in gross proceeds from its investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
The strategy is centered on holding and actively managing XRP as a corporate treasury asset.
XRP Price Update: Bulls Need to Reclaim $1.40 – $1.50
Last but not least, let’s take a closer look at XRP’s price action throughout the past few days. It is trading at around $1.35 at the time of this writing, with a market capitalization nearing $85 billion. It has slipped by about 2% in the past few days, dropping by 6% on the weekly chart.
That said, analysts remain divided. Some of them foresee $1.70 as the next major target if the current breakout holds. On the other hand, some highlight the resistance that is currently being faced at around $.140 to $1.43 followed by $1.5, warning that failing to break above these levels could signal weakness and a drop to below $1.3.
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