Ripple is once again at the center of IPO speculation following a sharp uptick in interest across both public markets and regulated crypto derivatives. John Deaton, a key legal voice in the XRP community, suggested Ripple could reach a $100 billion valuation if it went public, drawing comparisons to Circle’s explosive post-IPO rally. At the same time, CME Group reported over $500 million in notional trading volume for its new XRP futures contracts. Ripple IPO Rumors Resurface as John Deaton Points to $100 Billion Valuation Potential Ripple Labs could be next in line for a major Wall Street debut—if market sentiment and valuation comps are any indication. That’s the message being broadcast by John Deaton, a prominent attorney and leading figure within the XRP community, who recently reignited speculation over Ripple’s IPO ambitions by suggesting that the company could achieve a market capitalization exceeding $100 billion if it decides to go public. The comments come in the wake of Circle’s meteoric rise on the New York Stock Exchange. Since its IPO earlier this month, Circle’s stock (CRCL) has surged more than 600%, pushing its market valuation to $66.2 billion. This figure now exceeds the total value of its flagship product, the USDC stablecoin, which is currently sitting at around $61.3 billion in circulating supply. CRCL share price (Source: Yahoo Finance ) Ripple, best known for its enterprise blockchain solutions and the XRP token, holds a substantial reserve of over 40 billion XRP, with 36.2 billion of that in escrow. At current prices—hovering around $2—that reserve alone would be valued north of $78.8 billion. Deaton argues that this alone puts Ripple in a prime position to enter public markets at a valuation that could easily breach the $100 billion mark. That estimate doesn’t even account for Ripple’s sprawling international partnerships, XRP Ledger development, or its efforts in modernizing cross-border financial infrastructure. As the legal pressure surrounding XRP has begun to ease and momentum builds toward potential ETF inclusion, Ripple’s overall narrative is being reshaped from regulatory uncertainty to institutional opportunity. Shifting Tone From Ripple Executives Despite the bullish projections, Ripple’s leadership has publicly maintained a more cautious tone. In April 2025, Ripple President Monica Long stated that the company had “no plans to go public this year” and emphasized Ripple’s strong cash position following a significant share buyback. CEO Brad Garlinghouse echoed that sentiment, calling an IPO “possible, but not a top priority.” However, Deaton suggests that those views may be subject to change in light of recent market conditions. Circle’s soaring valuation has triggered a ripple effect across the digital assets industry. As investors and analysts digest the fact that Circle’s market cap now exceeds that of its own stablecoin, many are reevaluating how crypto companies should be valued—not just based on product circulation, but on the ecosystem, infrastructure, and potential for growth. Circle’s listing also comes at a time when the macro environment is improving for public tech and crypto stocks, particularly with the recent wave of ETF approvals and the Federal Reserve's increasingly dovish posture. The rising tide, it seems, could lift Ripple with it—should the company choose to step aboard. XRP’s ETF Momentum Adds More Fuel Another wildcard in Ripple’s public market prospects is the growing speculation around an XRP-based exchange-traded fund (ETF). Bloomberg analysts have placed the odds of a spot XRP ETF launching in 2025 at 95%, following the success of CME XRP futures and the wave of spot Bitcoin and Ethereum ETFs earlier this year. If XRP were to gain a spot ETF approval, it would almost certainly boost institutional confidence in both the token and Ripple’s broader ecosystem. Combined with a potential IPO, these events could mark a dual-track entry into mainstream finance for Ripple. CME’s XRP Futures Surge Past $500M in First Month, Fueling Spot ETF Optimism In related news, the Chicago Mercantile Exchange (CME), a global leader in derivatives trading, has reported an impressive $542 million in notional volume for its newly launched XRP futures during their first full month of trading. The figures highlight the growing appetite for regulated crypto products among institutional and retail investors alike—and signal renewed momentum for the XRP ecosystem amid ongoing regulatory headwinds. CME launched the futures contracts on May 19, following months of speculation and industry anticipation. Offered in both standard and micro sizes to cater to different trading appetites, the XRP futures contracts quickly gained traction. Just three days after launch, the products had already surpassed $19 million in volume, signaling strong early demand. According to CME Group, nearly half of the trading volume originated from markets outside North America, a testament to XRP’s global reach and appeal. This international engagement reflects the broader narrative of XRP’s utility in cross-border payments—a key differentiator compared to other crypto assets that often lean heavily on speculative use cases. Market Response Reflects Renewed Institutional Confidence CME Group attributed the strong performance to “significant market interest” and robust engagement from institutional players. This is aligned with Ripple’s broader push toward institutional adoption, particularly after its acquisition of prime brokerage firm Hidden Road, a move that analysts say strengthens XRP’s bridge between traditional finance and blockchain infrastructure. Further catalyzing XRP’s bullish outlook is its deepening role in cross-border payment systems, especially in markets where legacy banking systems fall short. The token’s integration into stablecoin ecosystems is another driver of utility, CME noted, adding to its relevance in both financial infrastructure and digital asset innovation. The successful rollout of CME’s XRP futures could have broader implications beyond derivatives markets. Analysts view this as a critical stepping stone toward the eventual launch of a US-based spot XRP exchange-traded fund (ETF). With Bloomberg analysts now placing the probability of a spot XRP ETF approval in 2025 at a striking 95%, the success of CME’s regulated futures product serves as a key precedent. Historically, futures-based trading activity on CME has served as a validator for the eventual approval of spot ETFs, as seen with Bitcoin and Ethereum. By offering institutional-grade infrastructure and regulatory compliance, CME’s involvement often lends legitimacy to digital assets in the eyes of US regulators. Global Appetite for Regulated Crypto Products The international nature of XRP futures volume shows another trend: the growing global demand for regulated crypto investment vehicles. While the US remains a crucial battleground for regulatory clarity, regions such as Europe, Asia, and Latin America have shown increasing openness to digital assets, especially those with clear use cases like XRP. With Ripple actively pursuing partnerships in banking, remittance, and stablecoin sectors worldwide, the token’s relevance in real-world finance continues to rise. This global footprint is mirrored in the broad geographic participation in CME’s XRP futures.
