XRP Jumps
as Ripple Vows
to Invest
in Rebranded Bitwise Fund
XRP Jumps as Ripple Vows to Invest in Rebranded Bitwise Fund
The announcement arrives as the "U.S. regulatory environment for crypto [is]
finally becoming more clear," said Ripple CEO Brad Garlinghouse.
By Stacy Elliott
Nov 27, 2024 Nov 27, 2024
3 min read
XRP is one of the largest cryptocurrencies by market cap. Image: Shutterstock
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Ripple has said it'll invest in a newly-rebranded Bitwise Physical XRP
ETP. The news has been a salve for the XRP price , which has shot up 7.2% to
$1.43 at the time of writing, according to CoinGecko data. Today's surge
puts it 26.8% higher than it was this time last week.
The Bitwise Physical XRP ETP, which was previously called the European XRP
ETP, is part of the firm's broader suite of crypto asset funds. The
company also offers spot Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs in the U.S..
Ripple CEO Brad Garlinghouse said the decision to invest in the Bitwise fund,
which trades under the GXRP ticker, very much falls in line with the surge in
interest for exchange-traded products linked to crypto assets.
"With the U.S. regulatory environment for crypto finally becoming more clear,
this trend is poised to accelerate, further driving demand for crypto ETPs,
such as the Bitwise Physical XRP ETP," he said in a press release . "As one of
the most valuable, liquid, and utility-driven digital assets, XRP is at the
forefront of this momentum, standing out as a cornerstone for those seeking
access to assets that are resilient and have real-world utility."
Ripple has been extremely careful over the years to emphasize that it is not
the issuer of XRP. The Ripple Network uses XRP as its native cryptocurrency
for international money transfers and currency exchanges. The legality and
security status of XRP is still the subject of what's now a four-year-old
Securities and Exchange Commission lawsuit .
Late last week the XRP price spiked to a 3-year-high of $1.49 after SEC Chair
Gary Gensler announced that he would be stepping down on January 20, the same
day that president• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США-elect Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд is set to be inaugurated for his second
term. Investors seem confident that a SEC without Gensler will lead to a
speedier conclusion in the lawsuit.
Aside from legal news, there's also been growing interest from other
firms in bringing a spot XRP exchange-traded fund to the U.S.
Just earlier this week, WisdomTree filed with the SEC to register an XRP ETF.
The paperwork filed with the state of Delaware is the first step in getting
such a product approved. WisdomTree will have to make the filing with Wall
Street’s top regulator the Securities and Exchange Commission (SEC) to get the
process officially moving.
Edited by Stacy Elliott .
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