Ripple and the XRP ecosystem opened September with significant institutional developments, including a major ETF achievement and a new banking-focused partnership.
Bitwise XRP ETF Exceeds $500 Million
Bitwise's spot XRP ETF surpassed $500 million in assets under management nine months after launch, holding approximately $507 million after Monday's close. US spot XRP ETFs attracted a record $1.66 billion in cumulative net inflows by the end of the week. Bitwise's product leads the category with more than $600 million in cumulative inflows, ahead of Canary Capital's XRPC and Franklin Templeton's XRPZ.
Ripple and SettleMint Partnership Targets Financial Institutions
Ripple Labs and SettleMint launched a partnership integrating Ripple Custody with SettleMint's Digital Asset Lifecycle Platform. The service allows regulated financial institutions to custody, issue, and manage tokenized assets through a single system and is already live in Asia with planned expansion. The offering targets banks, market infrastructure operators, and sovereign entities, with RLUSD and XRP among the supporting assets. The partnership also positions Ripple in the tokenization sector, which Boston Consulting Group estimates could reach $88 trillion within the next 10 years.
Evernorth Advances Toward Nasdaq Listing
Evernorth, an XRP-focused treasury company, received effective registration status from the US Securities and Exchange Commission. Shareholders of merger partner Armada Acquisition Corp. II are scheduled to vote on the transaction September 30th. If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN. Evernorth has disclosed more than $1 billion in gross proceeds from investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
XRP Price Action
XRP traded near $1.35 with a market capitalization approaching $85 billion. The token declined approximately 2% over several days and 6% on the weekly chart, falling short of extending an August rally that reached around $1.70. Analysts noted resistance near $1.40 to $1.43 and $1.50, with some cautioning that failure to break above these levels could lead to weakness below $1.30.
