Ripple Labs is spearheading a $1 billion fundraising effort to create an XRP-focused treasury, according to reports.

Ripple Labs' Fundraising Initiative: Ripple Labs is aiming to raise at least $1 billion to establish an XRP-focused cryptocurrency treasury, utilizing a special purpose acquisition company for the funds, which will also include contributions of XRP from Ripple itself.

Growing Interest in XRP Treasuries: Other companies, such as Trident Digital Tech Holdings and Nature’s Miracle Holding Inc., have also announced plans to invest significant amounts into XRP treasuries, indicating a trend of corporations looking to hold XRP as a reserve asset.

Institutional Interest in XRP: XRP is currently at the center of major institutional investments, with 13 exchange-traded fund (ETF) applications pending SEC review from firms like WisdomTree and Grayscale, collectively managing over $1.6 trillion in assets.

Current XRP Market Status: As of the latest data, XRP is trading at $2.24, reflecting a 7.07% decrease in the last 24 hours, amidst ongoing developments in the cryptocurrency market.