Bitwise’s Bold Move Towards Launching a US XRP Spot ETF
In a significant stride towards innovation in the cryptocurrency market, Bitwise is on the verge of introducing a US XRP spot ETF. This follows closely on the heels of their groundbreaking launch of the first-ever US Solana Spot ETF on the New York Stock Exchange (NYSE) just last week.
Bitwise’s Strategic Reapplication for XRP Spot ETF
According to insights from Bloomberg ETF expert Eric Balchunas, Bitwise has recently updated its S-1 registration form for the Bitwise XRP ETF. This amendment, identified as Amendment No.4, introduces crucial information such as the intended exchange listing on the NYSE and a management fee pegged at 0.34%. Balchunas interprets these updates as pivotal, suggesting that Bitwise is nearing the final stages of approval. The submission hints that the asset manager has satisfactorily navigated major feedback rounds with the SEC, with the XRP Spot ETF poised for launch.
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James Seyffart from Bloomberg corroborates this progress, highlighting that Bitwise and VanEck are among the growing cohort of issuers aiming to unveil new crypto-based ETFs by November. Recently, Fidelity and Canary Funds similarly submitted updates for Solana-centric products, with Canary also applying for an XRP-associated ETF.
Seyffart emphasizes that Bitwise’s XRP Spot ETF application features a more concise articulation compared to others, indicating a level of finality, especially with all essential data present. This could potentially activate the SEC’s 20-day timeline, allowing Bitwise’s XRP ETF, alongside Canary’s, to launch within this period, assuming no further modifications are requested by the SEC.
Current XRP Market Insights
As of the latest trading figures, XRP is valued at $2.50, marking a slight 0.01% dip over the past day as it remains in a consolidation phase. Over broader time frames, XRP’s performance indicates a bearish trend, with declines of 4.55% and 17.27% on the weekly and monthly charts, respectively.
Prominent market analyst Ali Martinez identifies immediate resistance for XRP at $2.80 and $3.00, with a crucial support zone around $2.15. With Bitwise and other asset managers’ recent filings, XRP is poised to join the ranks of cryptocurrencies with a US Spot ETF.
The anticipated introduction of the XRP spot ETF is expected to catalyze institutional interest in this altcoin, fostering sustained demand and potential price appreciation. Last week, the launch of the US Solana spot ETFs by Bitwise and Grayscale garnered significant attention, evidenced by a cumulative net inflow of $199.21 million over just four trading days.
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