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During the recent Ripple Swell conference, Canary Capital CEO Steven McClurg described the XRP Ledger (XRPL) as a powerful financial network capable of challenging Wall Street’s dominance. His remarks come as growing institutional interest surrounds the potential approval of XRP exchange-traded funds (ETFs).
XRP Ledger Positioned as Payment Infrastructure
McClurg highlighted that the XRP Ledger is more than a cryptocurrency platform—it functions as a global financial rail system designed for cross-border settlements. Drawing from his experience as an emerging-market bond manager, McClurg emphasized the high remittance costs that workers face when sending money internationally, often between 8% and 15% per transaction.
He explained that blockchain networks like the XRPL could drastically reduce these fees, making payments faster and more efficient. “The way to think about XRP is to think about the XRP Ledger—it’s financial rails, a competitor to Wall Street,” McClurg said during his session at Ripple Swell.
ETF Filings Gain Institutional Momentum
The XRP ETF narrative is quickly gaining traction. Major asset managers including Franklin Templeton, Bitwise, and Canary Capital have recently updated their S-1 filings with the U.S. Securities and Exchange Commission (SEC), signaling preparation for a potential ETF rollout.
Franklin Templeton notably removed an 8(a) clause from its filing, a change analysts interpret as reducing procedural delays. Meanwhile, Grayscale has submitted a second amendment, naming key executives and legal counsel to accelerate the process.
Market watchers believe these updates indicate readiness for a possible ETF approval by mid-November, though exact SEC timelines remain uncertain.
Why an XRP ETF Could Attract Unique Capital Flows
According to McClurg, an XRP ETF would stand apart from other crypto-based funds, particularly those centered on staking assets like Ethereum. Because XRP does not rely on staking for yield generation, ETF investors would not face the same tradeoffs that have limited interest in some ETH products.
This distinction, McClurg argued, could lead to significant capital inflows. He reaffirmed his earlier prediction that XRP ETFs might attract up to $10 billion in their first month if launched with solid institutional backing. Such inflows would represent one of the largest debut performances for any crypto-related ETF to date.
Ripple’s Expanding Institutional Ecosystem
Ripple has been actively strengthening the XRP Ledger’s institutional utility. The company recently advanced products like RLUSD, a stablecoin designed for enterprise use, and expanded Ripple Prime, its institutional liquidity and custody platform.
Partnerships with GTreasury and Rail aim to enhance XRPL’s capabilities for banks and large treasuries seeking secure settlement and custody solutions. These developments further solidify the network’s positioning as a financial infrastructure layer capable of serving global capital markets.
Market Outlook and ETF Impact
At the time of writing, XRP is trading around $2.24, showing resilience amid broader market uncertainty. Traders and analysts are closely monitoring liquidity conditions, ETF-related filings, and the potential for large-scale institutional inflows.
If McClurg’s $10 billion projection materializes, it could significantly reshape short-term market dynamics, possibly driving volatility as funds compete for liquidity.
Analysts also note that recent procedural changes in ETF filings — including clause removals and executive listings — increase the likelihood of visible ETF launches within the current quarter. Such an event would mark a major milestone for Ripple and the XRP Ledger, cementing its place among the top blockchain networks used for real-world financial applications.
