The speculation around Ripple’s potential Initial Public Offering (IPO) has reignited, thanks to recent comments from prominent crypto attorney John E. Deaton. Drawing comparisons with Circle’s successful public market debut, Deaton suggests that Ripple could not only match but potentially surpass Circle’s valuation—possibly reaching a staggering $100 billion if it chooses to go public.
While Ripple has shown no immediate urgency to raise capital, the shifting landscape of crypto IPOs and the company’s robust financial position have made a public listing increasingly plausible. With over 40 billion XRP tokens held in its treasury, Ripple's balance sheet presents a compelling case for investor interest.
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Circle’s IPO Sets a New Benchmark
Circle’s entry into the public markets has become a landmark event for the digital asset industry. As the issuer of USDC, one of the most widely used stablecoins, Circle demonstrated that a crypto-native company can achieve significant valuation on public exchanges.
This milestone has provided a tangible reference point for assessing other major players in the space—particularly Ripple. Deaton argues that if investors are willing to assign high valuations to companies like Circle based on revenue, compliance infrastructure, and stablecoin adoption, then Ripple—with its massive token holdings and established global payment network—could command an even greater market value.
The logic is straightforward: while Circle derives value from transaction fees, regulatory clarity, and financial partnerships, Ripple holds an enormous reserve of XRP, a top-tier digital asset with growing utility in cross-border payments and decentralized finance (DeFi).
Ripple’s $80 Billion Treasury Advantage
One of the most significant differentiators between Ripple and other fintech or crypto firms is its balance sheet strength. Ripple currently holds approximately 40 billion XRP, which at a current price of $2.15 per token** equates to a treasury value of roughly **$86 billion.
To put this into perspective:
- XRP’s circulating supply stands at about 59 billion tokens.
- The total market capitalization of XRP has recently exceeded $116 billion, reinforcing its status as a leading digital asset.
- Unlike traditional companies that rely solely on equity or debt financing, Ripple possesses a liquid, appreciating asset that can be strategically deployed.
This financial firepower means Ripple doesn’t need to rush into an IPO for survival or short-term funding. Instead, it can wait for optimal market conditions—giving it a strategic advantage over competitors who may be forced to go public during volatile periods.
Moreover, because these XRP holdings are already on the balance sheet, their valuation provides a conservative floor for any potential public offering. If markets continue to mature and institutional adoption grows, Ripple’s intrinsic value could rise even further.
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Market Sentiment and Trader Activity
Despite ongoing IPO speculation, the current XRP market reflects cautious optimism. At $2.15, XRP has gained 5.9% in the past 24 hours, though it remains down 4.5% over the last seven days—indicating short-term volatility amid broader macroeconomic uncertainty.
A key indicator of sustained trader engagement is Futures Open Interest. Throughout much of 2024, open interest stayed below $2 billion. However, in late November, it began a sharp ascent, peaking at **$7.44 billion** by early 2025 during a strong bullish rally.
As of June 23, open interest remains elevated at $3.54 billion, well above pre-rally levels. This suggests that traders continue to take active positions in XRP futures, anticipating further price movement—whether upward or downward.
Technical Indicators: Signs of a Potential Reversal?
From a technical standpoint, XRP appears to be nearing a turning point. The Relative Strength Index (RSI) currently sits at 32.68, approaching what is traditionally considered “oversold” territory (below 30). Historically, such readings have often preceded price rebounds, especially after prolonged downtrends.
Meanwhile, the MACD (Moving Average Convergence Divergence) indicator shows bearish momentum, with both lines remaining below zero. However, the rate of decline is slowing—hinting at weakening selling pressure and possible stabilization.
These signals don’t guarantee an immediate uptrend, but they do suggest that downside momentum may be exhausting itself. Combined with strong futures activity, this creates a setup where a catalyst—such as official IPO news or regulatory clarity—could trigger a significant rally.
Frequently Asked Questions (FAQ)
Q: Is Ripple planning to go public soon?
A: There is no official confirmation that Ripple plans to launch an IPO in the near term. However, legal expert John Deaton believes the company is well-positioned to do so if market conditions align.
Q: How does Ripple’s treasury compare to Circle’s assets?
A: While Circle’s value is largely tied to USDC reserves and financial infrastructure, Ripple holds around 40 billion XRP—worth approximately $86 billion at current prices—giving it a unique asset-backed valuation edge.
Q: Could Ripple really reach a $100 billion IPO valuation?
A: Based on its treasury size and strategic position in global payments, many analysts consider a $100 billion valuation plausible if investor demand matches expectations.
Q: What role does XRP play in Ripple’s business model?
A: XRP serves as a bridge currency for fast, low-cost cross-border transactions through RippleNet’s On-Demand Liquidity (ODL) solution, reducing reliance on pre-funded accounts.
Q: Does high futures open interest mean price will rise?
A: Not necessarily. High open interest indicates active trading and volatility ahead, but direction depends on broader market sentiment and external catalysts.
Q: How might regulation affect Ripple’s IPO prospects?
A: A favorable outcome in Ripple’s ongoing SEC lawsuit would significantly boost investor confidence and likely accelerate any IPO timeline.
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Final Thoughts
While Ripple has maintained operational discretion regarding an IPO, the conversation is no longer speculative—it's strategic. With Circle proving that crypto-native firms can succeed in public markets, and with Ripple sitting on an $80+ billion treasury of XRP, the foundation for a blockbuster listing is undeniably present.
The convergence of strong fundamentals, growing trader engagement, and improving technical indicators paints a picture of a digital asset company poised for transformation. Whether or not an IPO happens in 2025, one thing is clear: Ripple’s financial strength gives it unmatched flexibility in shaping its future.
As markets evolve and institutional interest deepens, all eyes will remain on Ripple—not just for what it could become as a public company, but for how it continues to redefine the intersection of blockchain technology and global finance.
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