Ripple continues to generate considerable buzz within the cryptocurrency sector as new developments and partnerships emerge, especially following a recovery from the significant downturn experienced on February 6. This recovery not only affected Ripple’s native token but also reverberated throughout the wider crypto market.
In recent years, Ripple has notably shifted its focus toward global expansion, particularly in response to regulatory challenges in the United States stemming from its legal battle with the SEC. The United Arab Emirates has become a focal point for these efforts. In a recent announcement, Reece Merrick, Managing Director for the Middle East and Africa at Ripple, disclosed an extension of the company’s partnership with Zand, a local bank. This collaboration aims to explore various initiatives, including the integration of Ripple’s RLUSD stablecoin within Zand’s regulated digital asset custody solutions. Ripple has also made significant strides in other Middle Eastern markets, including Bahrain and Saudi Arabia.
In addition to solidifying its presence in the region, Ripple is now recognized as one of the top 10 most valuable private companies globally, with a valuation of $40 billion. This ranking puts it alongside notable firms like Revolut, xAI, SpaceX, and OpenAI, highlighting the company’s prominence in the financial technology landscape.
On February 11, Ripple’s XRP Community Day is set to take place, designed to engage the ecosystem’s investors, backers, and developers. The event will host various sessions featuring prominent figures from established firms like Bitwise, Grayscale, and Gemini, alongside Ripple’s CEO, Brad Garlinghouse. In a notable “fireside chat,” Garlinghouse and crypto podcaster Tony Edward will discuss topics such as the increasing utility of XRP and the broader trends in institutional acceptance of cryptocurrencies.
Another significant development for Ripple this year is the launch of the first spot XRP ETF, which offers 100% exposure to the asset. Canary Capital led the charge with its XRPC product, introduced in mid-November. This initiative has sparked interest in the crypto investment community, with subsequent products from firms like Bitwise, Franklin Templeton, 21Shares, and Grayscale also launching. Cumulative net inflows for these investment vehicles have exceeded $1.23 billion, maintaining a positive trend despite recent market fluctuations.
Currently, XRP is trading at approximately $1.42 following a drop to $1.11 last week. Some analysts are predicting potential corrections, with mixed sentiments prevailing. While some forecasts indicate a possible return to $1.10, others remain bullish. Optimistic projections have even suggested that XRP could reach $30 in the long term, though this would necessitate a staggering market capitalization increase, which many deem unrealistic at this time.
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