XRP News Today: XRP ETF Launches with $58M, Challenging Skeptics of Blockchain Utility

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XRP News Today: XRP ETF Launches with $58M, Challenging Skeptics of Blockchain Utility

Bitget-RWA2025/11/14 20:30

By:Bitget-RWA

Matthew Sigel, who leads digital asset research at VanEck, has sparked renewed discussion about XRP's practical value by sharply questioning the altcoin's blockchain, saying he "may never grasp what your 'blockchain' is actually for"

as per a recent comment

. His statements, shared on social platforms, have provoked strong responses from

XRP

advocates, who interpret his remarks as overlooking the project's technical advancements and institutional achievements. Sigel also raised doubts about whether XRP attracts "genuine developer engagement or significant real-world use," factors

frequently referenced as measures

of a blockchain's sustainability.

In response, the XRP community has pointed to recent institutional uptake and clearer regulatory guidelines as evidence of the asset's increasing credibility. Canary Capital's launch of a spot XRP ETF on November 14

saw $58 million traded on its first day

, making it the largest crypto ETF launch of 2025. This achievement is credited to XRP's robust institutional support, with Ripple's collaborations—including those with

BlackRock

and OntoFinance—helping to establish the token as a link between conventional finance and blockchain technology

based on market assessments

Even with the ETF's impressive debut, XRP's value has dropped by 5% over the last day, mirroring the broader market's instability.

Experts highlight negative momentum

in technical readings, with the RSI pointing to a sustained downward trend. Nevertheless, supporters maintain that XRP's infrastructure—such as its energy-saving XRPLedger and interledger protocol—provides real benefits for international payments and business applications

according to technical specialists

Sigel's doubts also extend to XRP's economic structure, arguing that there is no clear connection between the token's price and its adoption. He compared XRP's development to Bitcoin's widespread institutional acceptance, noting that 12 nations now mine

Bitcoin

with official backing, while XRP's uptake remains "comparatively limited"

as reported by VanEck research

. VanEck's choice not to pursue an XRP ETF aligns it with other firms like Fidelity and BlackRock, which have similarly steered clear of XRP-specific offerings

according to industry sources

At the same time, new projects are being launched to strengthen XRP's network. LCPC AI has introduced a blockchain contract initiative for XRP, utilizing AI-powered automation to improve scalability and transparency

as stated by the company

. This initiative seeks to tackle concerns about XRP's practical use by merging advanced computing systems with blockchain validation, a step that market observers believe could draw more institutional attention

according to market experts

This ongoing debate highlights a wider gap between institutional analysts and the crypto community. While Sigel's remarks have been labeled as "disregarding years of progress," XRP backers stress the project's technical achievements and growing range of applications

based on community responses

. The success of Canary Capital's ETF, along with regulatory advancements in the U.S., indicates that XRP's appeal is gaining ground despite ongoing doubts from established financial institutions.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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