As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the latest developments surrounding Ripple and XRP. The recent comments from Brad Garlinghouse, the CEO of Ripple, on Bitwise’s ETF filing that includes exposure to XRP are certainly worth noting.
Ripple CEO Brad Garlinghouse has taken to X to comment on Bitwise’s recent ETF filing that includes exposure to the XRP token. “XRP, BTC, ETH, SOL — that’s the alphabet soup I like to see,” Garlinghouse said in his social media post.
As a researcher, I’m excited to share that on Thursday, I learned about Bitwise’s plans to transform their Bitwise 10 Crypto Index Fund (BITW) into an Exchange-Traded Fund (ETF). This move could potentially bring more institutional investment and liquidity to the crypto market.
In addition to the cryptocurrencies pointed out by Garlinghouse, the publicly traded trust encompasses Cardano (ADA), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Polkadot (DOT), and Uniswap (UNI). Yet, these tokens together make up just a fraction of the trust, accounting for approximately 2.7%. Interestingly, XRP holds a slightly larger share with a weighting of 1.6%.
Last month, Grayscale, the leading cryptocurrency asset manager, also filed for a combo crypto ETF that included exposure to the XRP token.
According to a report by U.Today, ETF expert Eric Balchunas expressed the viewpoint that certain flexibility could exist in handling less liquid assets like XRP.
Additionally to ETFs incorporating multiple cryptocurrencies that may contain XRP, there are also separate XRP application submissions by issuers like 21Shares, Bitwise, and Canary Capital.
XRP hits a new 2024 high
Meanwhile, XRP is currently stealing the spotlight with yet another impressive rally.
On this past Friday, the price peaked at a record-breaking $0.88, experiencing an increase of over 20% in just one day.
It appears that the rally could potentially cool down, as bearish divergence has been detected on the four-hour chart of XRP according to the 100eyes Crypto Scanner.
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2024-11-15 17:19