XRP funds see $3.61 million outflow as Ripple gains trust bank approval

XRP funds registered a net outflow of $3.61 million on the day Ripple reportedly received final regulatory approval for its national trust bank charter. This surprising contrast is highlighted by crypto commentator Dana Love, who contends that the new bank primarily serves Ripple’s stablecoin initiative rather than boosting immediate demand for XRP itself. According to Love’s analysis, Ripple National Trust Bank is designed to offer institutional cryptocurrency custody services and to manage the reserves backing RLUSD, Ripple’s dollar-pegged stablecoin. The charter does not permit the bank to issue RLUSD directly, accept traditional deposits, or extend loans.

Source: CoinTurk News