In a matter of moments, we’ve learned that Ripple is effectively winning its legal battle, Wall Street is warming up to XRP ETFs and futures, and Ripple even made a multi-billion dollar acquisition attempt. As a journalist immersed in crypto, I’m writing this piece almost in real-time because these Ripple/XRP developments are fresh, significant, and honestly a bit surreal to report. Let’s break down what just happened and why it matters.

Ripple’s Legal Saga Ends in Victory (At Last)

As I write, Ripple’s courtroom drama with the SEC is finally reaching a celebratory end. Ripple’s fight with U.S. regulators has cast a shadow for over four years, but now that shadow is lifting fast. Ripple’s CEO, Brad Garlinghouse, just declared a resounding victory, confirming that the SEC is dropping its appeal of the landmark 2023 ruling that XRP is not a security when sold on exchanges. In fact, Garlinghouse hailed the SEC’s climb-down as a “long overdue surrender” – strong words, but after so much uncertainty, I can’t blame his candor.

For context, back in July 2023, Judge Analisa Torres ruled that programmatic sales of XRP (sales to regular investors on exchanges) did not meet the legal definition of a security. That was a huge win for XRP holders, though the court did say Ripple’s past direct sales to institutions violated securities laws. The SEC appealed the part it lost, but under a new, more crypto-friendly administration this year, that appeal is being formally withdrawn. 

Essentially, the regulatory storm is clearing. One of my sources even noted that with a new SEC chair in place, the commission has been retreating on crypto enforcement across the board, including ending lawsuits against exchanges like Coinbase and Kraken. Now, Ripple’s case is wrapping up on very favorable terms for the company. As someone who followed every twist of this saga, I’m relieved to finally write that sentence.

Wall Street Eyes XRP: ETFs and Futures Incoming

Regulatory clarity around XRP tends to open the door to mainstream adoption, and we’re seeing that happen immediately. In the past hour I also saw confirmation that the giant derivatives exchange CME Group is launching XRP futures for the first time. According to a Reuters report, CME plans to roll out cash-settled XRP futures on May 19, pending regulatory approval. 

That’s a big deal – CME is the same exchange that runs Bitcoin and Ether futures, so adding XRP signals that Wall Street is ready to trade this asset more actively. Garlinghouse himself sounded excited about CME’s move, calling it “incredibly important and exciting” for XRP’s growth. I find it pretty telling that this comes right after Ripple settled its SEC case last month. Legal green light goes on, and boom – futures are on the way.

At the same time, there’s a buzz about XRP exchange-traded funds (ETFs) gaining traction. Just a few weeks ago, asset manager Teucrium launched the first U.S. XRP-based ETF, a 2x leveraged fund trading under the ticker XXRP. Now, attention is turning to when a spot XRP ETF (backed by actual XRP) might get approved. Crypto insiders are buzzing that an SEC settlement with Ripple could pave the way for spot ETFs. 

In fact, a popular prediction market currently places the odds of a U.S. spot XRP ETF approval by the end of 2025 at around 79% – a sharp rise in confidence compared to just a couple weeks ago. Even Bloomberg analysts earlier this year estimated roughly a 65–75% chance of an XRP ETF being approved in 2025, assuming the legal issues cleared up. Well, here we are with those issues nearly resolved. 

From my perspective, it feels like the XRP market is going mainstream. We have CME futures coming, multiple ETF applications in the pipeline, and no more SEC cloud overhead. This is exactly the kind of moment many in the XRP community have been waiting (and waiting) for.

Ripple’s Bold Moves: $1.25B Prime Broker Deal and a $5B Bid

Legal victories and institutional interest are not the only headlines – Ripple itself has been making aggressive moves on the business front. Last month, Ripple announced a $1.25 billion deal to acquire Hidden Road, a multi-asset prime brokerage firm. That news was huge in its own right: it’s one of the largest crypto industry acquisitions ever, and it will make Ripple the first crypto company to own a global prime broker for traditional assets. 

Hidden Road clears over $3 trillion a year for 300+ institutional clients, so Ripple suddenly expanding into that arena grabbed my attention. The company said this acquisition will let Hidden Road “expand exponentially” using Ripple’s large balance sheet, effectively turning Ripple into a major player in prime brokerage. As a journalist, I’ve noticed Ripple steadily branching out beyond just payments – and this was a statement-making move.

Now for the surprise twist that broke today: Ripple reportedly tried to buy Circle, the company behind the USDC stablecoin, for a whopping $5 billion. This rumored bid came out of left field. According to a Bloomberg scoop, Ripple made a $4–5 billion offer to acquire Circle, but Circle rejected it, apparently considering the price too low given their own plans to go public. (Circle filed for a NYSE listing recently, aiming for maybe a $10B valuation.) 

Hearing this, I was initially stunned – Ripple and Circle are both heavyweight companies in crypto, so a merger would be industry-shaking. It didn’t go through, but the fact Ripple even attempted such an audacious deal says a lot. It tells me Ripple is on the offensive now that it has the wind at its back. The company clearly has big ambitions to expand its stablecoin and payments empire. 

One analyst commented that Ripple’s push to buy Circle was like “fake it till you make it on steroids,” suggesting Ripple’s aiming to rapidly grow into a banking-scale enterprise. As dramatic as that sounds, it does reflect how aggressive Ripple’s strategy has become – they’re not just content to win the courtroom; they want to dominate key infrastructure (stablecoins, liquidity hubs, etc.) in the crypto finance space.

Final Words

As a reporter, I try to cut through buzzwords and focus on facts. The facts today are that Ripple and XRP are on a roll: a clean win over the SEC, clear signs of incoming Wall Street investment vehicles, and bold expansion moves by Ripple itself. This casual recap can’t hide my genuine astonishment at how quickly things are unfolding – but it’s a good astonishment. I’ve always approached Ripple and XRP news with healthy skepticism, and I’ll continue to. Yet, seeing a formerly embattled crypto project become an industry front-runner in real time is exciting in a grounded way. It means more mainstream recognition for XRP, and possibly a new chapter where we cover Ripple not for lawsuits or delistings, but for what it’s building and who’s adopting it.