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

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"

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

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

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

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 .

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

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

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

. 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 .

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

. 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.