Ripple is building a 'JPMorgan rival,' says Wall Street CEO

XRP-USD -2.51%

Last week marked a strong run for XRP and Ripple.

Bitwise’s XRP ETF officially went live on the New York Stock Exchange on Nov. 20, a milestone that comes after years of regulatory uncertainty tied to Ripple’s long-running dispute with the U.S. Securities and Exchange Commission.

The launch has also reignited interest within the XRP community.

Teucrium Trading CEO Sal Gilbertie recently suggested that Ripple is quietly laying the groundwork to build a modern competitor to JPMorgan.

Teucrium Trading is a U.S.-based issuer and sponsor of exchange-traded products (ETPs), notably focused on agricultural commodities and, increasingly, digital-asset exposure. It also offers leveraged and digital-asset-oriented products, including a U.S.-listed 2× long daily XRP ETF.

A wave of XRP ETFs arrives

Bitwise Asset Management confirmed that its XRP ETF began trading on the NYSE on Nov. 20 under the ticker XRP, giving U.S. investors a regulated vehicle to gain exposure to the token.

“The pre-Thanksgiving rush (shall we say, ‘turkey trot’!?) for XRP ETFs starts now.. congrats @BitwiseInvest on today’s launch!” Ripple CEO Brad Garlinghouse posted on X.

Bitwise called the ETF debut a “milestone day for the XRP community,” emphasizing that the product aims to offer simple access to XRP as the asset positions itself as a contender in modernizing global payments.

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Still, blockchain data indicates that major holders quickly sold into the announcement.

According to crypto analyst Ali, crypto whales controlling tens of millions, and in some cases billions of dollars in assets, offloaded nearly 200 million XRP within 48 hours.

This heavy selling aligned with a breakdown in XRP’s technical structure, with analysts noting that the recent price action shows fading short-term momentum as traders react to aggressive whale-driven moves.

Ripple 'at the centre of the universe'

Speaking to investor and market expert Paul Barron, Gilbertie argued that XRP’s next major price catalyst will not come from a single breakthrough application.

Instead, he believes regulatory clarity in the U.S. and a formal banking license for Ripple would unlock institutional-scale liquidity and transform XRP into a core treasury and settlement asset.

Such a move, he said, would put Ripple on a trajectory similar to traditional global banks. With banking compliance, access to payment networks, and custody capabilities, XRP could serve as a capital reserve or liquidity tool rather than just a digital asset for cross-border remittances.

This aligns with broader trends in blockchain adoption, including tokenized treasuries and institutional settlement products.

"They are building literally a JPMorgan rival, once they get their banking license. They're going to be incredibly capitalized," said Gilbertie.

"I just think that Ripple is a machine. It is a highly disciplined team...creative people that work as a team. They all have different paths that their lives take them on, but they stay in the ecosystem and they're creating a bigger ecosystem, a more robust ecosystem...Ripple is at the centre of the universe."

A future Ripple Bank, backed by clear U.S. regulations, is what he expects will unlock the next major wave of growth for XRP, not just new apps or developer tooling.

At the time of reporting, XRP was up 1% and trading at $2.06.

Related: XRP address count hits record high as new ETF debuts

This story was originally published by TheStreet on Nov 24, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.