XRP Price Surges As Bitwise Begins Journey Toward ETF Approval
Bitwise, a crypto asset management company, has made its first move toward an XRP ETF. On Tuesday, Bitwise filed with the Delaware Registry to create a trust entity, an initial step in applying to list and trade ETF shares.
The September 30 filing shows, the registered agent is CSC Delaware Trust Company. It does not mean a filing with the Securities and Exchange Commission is imminent, but such a filing does indicate early steps that could result in one. The process can take several months before any actual filing with the SEC.
The filing comes after Ripple CEO Brad Garlinghouse hinted that an XRP ETF was likely inevitable with Bitcoin and Ether ETFs already live in the U.S. Approval would provide institutional investors with a regulated route to the cryptocurrency, thus improving liquidity and more widespread adoption of the token.
Previous XRP ETF Speculations
Meanwhile, rumors of an XRP ETF have been milling for some time. In November 2023, the cryptocurrencys price jumped as much as 12% following the release of a delusive filing for a BlackRock iShares XRP Trust in Delaware. That stoked speculation that such an ETF was a possibility. BlackRock swiftly denied involvement, and now authorities are investigating the false filing.
Grayscale also recently announced its plans to launch an XRP-centric investment product. Though thats initially coming as a closed-end trust for accredited investors, analysts believe the firms taking the first steps that may lead to an XRP ETF. Grayscale has already been a key player in bringing crypto ETFs onto Wall Street, having successfully converted its Bitcoin trust into a spot ETF following a legal fight against the SEC.
Currently, the price of XRP has surged above $0.62, rebounding from the dip below $0.59. The recent Bitwise ETF filing is adding excitement, and some market participants are predicting that the cryptocurrency will soon reach $1. This, along with continued legal developments between Ripple and the SEC, has the market eyeing what the SECs next move will be regarding the ETF approval front.
Related Reading | Bitcoins 10% September Surge Signals Bullish Momentum Ahead
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Text source: TronWeekly
