-AD-
-AD-
HomeNewsIs XRP the Next Big Thing in ETFs? Ripple CEO Thinks So!

Is XRP the Next Big Thing in ETFs? Ripple CEO Thinks So!

- Advertisement -
  • Ripple CEO Brad Garlinghouse anticipates more XRP ETF filings after Bitwise’s recent S-1 submission to the SEC.
  • Legal clarity from Judge Analisa Torres stating XRP isn’t a security boosts potential for ETF approvals.

Brad Garlinghouse, CEO of Ripple, projects an increase in applications for XRP-based Exchange-Traded Funds (ETFs) following the recent submission of an S-1 form by Bitwise Asset Management to the U.S. Securities and Exchange Commission (SEC).

This development signals potential growth in the traditional finance sector’s engagement with XRP.

In a recent statement on platform X, Garlinghouse suggested that Bitwise’s action might prompt other asset managers to pursue similar ETFs for XRP. This follows earlier approvals for Spot Bitcoin and Ethereum ETFs this year, indicating a regulatory shift towards acceptance of digital assets within mainstream financial products.

Further interest in XRP ETFs was noted with Canary Capital’s registration related to an XRP ETF with the Delaware Division of Corporations, although no formal SEC filing has yet been made. This preparatory step reflects growing financial interest in the digital currency.

Source: @EleanorTerrett

Legal clarity achieved earlier from Judge Analisa Torres, who ruled that XRP does not qualify as a security, enhances the cryptocurrency’s potential for further integration into financial markets. This legal standpoint is expected to facilitate the filing and approval of future XRP-related financial products.

Garlinghouse also remarked on the Bitwise filing, noting it as indicative of increasing confidence in crypto assets like XRP among traditional financial institutions. This move is seen as a part of the ongoing broader acceptance and maturation of the cryptocurrency market.

While Grayscale excluded XRP from its Q4 top crypto selections, it launched the Grayscale XRP Trust. This development positions Grayscale to potentially convert this trust into an ETF, broadening institutional access to XRP.

Bitwise has publicly confirmed their SEC filing for an XRP ETF that aims to provide institutional investors with direct exposure to XRP.

The success of this filing, and potential future filings, now largely hinges on continued regulatory recognition of XRP’s status as a commodity following recent legal decisions.

“At Bitwise, we believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century.”

Hunter Horsley, CEO of Bitwise, expressed commitment to leveraging blockchain technology for new financial assets and applications, emphasizing ongoing efforts to expand investment opportunities in this space, highlighting the progressive integration of blockchain technology into conventional financial systems.

XRP is currently trading at $0.587 with a daily drop of -3.95%. The day’s range fluctuated between $0.5788 and $0.6053. Over the past 52 weeks, XRP has traded in the range of $0.3911 – $0.7421. Additionally, the 24-hour trading volume stands at approximately $2.78 billion, indicating significant market activity.

XRPUSDT_2024-10-02_11-45-08
Source: Tradingview

XRP is currently experiencing a downtrend as indicated by the recent price drop. The support level lies around $0.578, with resistance at $0.605.

The technical indicators, such as the Relative Strength Index (RSI), may suggest an oversold condition, potentially leading to a minor rebound if the bearish pressure weakens. However, if XRP breaks below its current support level, further declines could be expected.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES