For the first time, Bitwise has incorporated an XRP ETF product in Delaware, triggering new industry-wide speculation
Investment asset management firm Bitwise has first moved toward a spot XRP ETF product in Delaware. In the long run, the crypto industry may eventually see a spot XRP Exchange-traded Fund (ETF) amid a related Solana (SOL) speculation.
Bitwise XRP ETF Application – The Twist
The filing, first shared by FOX Business journalist Eleanor Terrett, shows that the Bitwise XRP ETF was incorporated on September 30, 2024. The listed registered agent was CSC Delaware Trust Company, headquartered in Wilmington, Delaware.
It is worth noting that this registration application does not equate to a filing with the United States Securities and Exchange Commission (SEC) or indicate that such filing is imminent. Should the crypto asset manager decide to proceed with filing the application with the SEC, the process could take a few months.
Meanwhile, the move from Bitwise comes only one week after Brad Garlinghouse, Ripple CEO, discussed the possibility of a XRP ETF in an interview.
At first, the Ripple executive acknowledged the capacity of ETFs to fundamentally transform the financial market. His statements suggest that a XRP ETF is “inevitable” especially after the launch of Bitcoin and Ethereum ETFs in the US.
XRP Price Could See Surge With Potential ETF
Generally, there has been a growing institutional interest in XRP, especially as cryptocurrencies become integrated into mainstream financial markets.
The crypto asset saw a price blowout recently but soon plunged into a consolidation phase for the first time since August. The coin experienced a rebound from a support level of $0.519 it fell to earlier in September.
At the time of this writing, the Ripple-associated coin traded at $0.609, down 2.41% in the past 24 hours per data from CoinMarketCap
Just like spot Bitcoin ETFs, the coming of an XRP ETF could bring more engagement to the XRP ecosystem. In the long run, this spike in activity may translate to a price gain. Probably, this may take the coin to the long-anticipated $1 level.
Also, there has been a hike in XRP whale activities in recent times. The activities of these whales could also direct liquidity to XRP, fueling price rally overall.
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