XRP Scores New ETF Filing as Price Remains in Green

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous market trends and regulatory shifts. The recent surge of XRP ETF filings is reminiscent of the dot-com bubble, where everyone seemed to be jumping on the bandwagon, hoping to cash in on the next big thing.

Asset manager WisdomTree has joined the XRP ETF race with its own filing. 

In addition to WisdomTree, other companies like Bitwise, 21Shares, and Canary Capital have also submitted applications for exchange-traded funds (ETFs) focused on Ripple (XRP).

Additionally, there are two outstanding applications for combined cryptocurrency ETFs, which provide limited investment in a token associated with Ripple.

According to ETF expert Nate Geraci, there is expected to be an abundance or significant number of applications for cryptocurrency-focused exchange-traded funds.

Previously, Geraci forecasted the emergence of fresh registrations for digital currencies like XRP and Cardano (ADA).

XRP’s outperformance 

According to U.Today’s report, the open interest for XRP has reached an all-time high due to increasing excitement over Exchange Traded Funds linked to this debated digital currency.

In the last 24 hours, XRP has experienced a rise exceeding 6%. As a result, it currently stands as the top performer among the leading ten digital tokens.

DonAlt, a popular cryptocurrency trader, recently stated that he would “probably” focus on XRP dip buys. 

Testing the SEC’s limits 

With the imminent departure of SEC Chair Gary Gensler, there’s a greater chance that such products could receive approval in the near future.

Geraci suggests that ETF creators may challenge the boundaries under the guidance of the Securities and Exchange Commission’s (SEC) latest administration. Previously, he hinted at potential risks for several issuers in aggressively pursuing an exchange-traded fund (ETF) strategy focused on alternative cryptocurrencies.

Previously serving as a commissioner at the Securities and Exchange Commission, Paul Atkins has now become the leading candidate in the closely observed competition to succeed Gensler.

According to a report from U.Today, Brad Garlinghouse, the CEO of Ripple, believes it’s only a matter of time before an Exchange-Traded Fund (ETF) based on XRP gets the green light.

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2024-11-25 23:14