As a seasoned researcher with over two decades of experience in the financial industry, I’ve witnessed many market transformations and shifts in regulatory landscapes. The recent move by WisdomTree to file for an XRP exchange-traded fund (ETF) is indeed intriguing, given the current regulatory climate.
The New York-based investment company, WisdomTree, has decided to participate in the educational process for asset managers who are applying for an XRP exchange-traded fund (ETF).
WisdomTree submitted its S-1 filing with the U.S. Securities and Exchange Commission (SEC). The filing adds to the positive sentiments XRP has enjoyed in recent times.
Changes in regulation and hopes for XRP ETF
The filing has sparked optimism for XRP and the broader cryptocurrency space. It boosts the confidence of investors and traders in the asset.
According to the records provided, Bank of New York Mellon has been designated as the fund’s manager. It is important to note that this product will be traded on the Cboe BZX Exchange. In a similar vein, WisdomTree has followed in the footsteps of Bitwise and Canary Capital by taking steps towards listing an XRP ETF.
As a crypto investor, I’ve noticed a remarkable surge in the value of my XRP holdings recently, reflecting the buoyant market conditions. This surge has sparked increased institutional attention, as evident by the recent filing for an XRP Exchange-Traded Fund (ETF). If approved, this could potentially fuel further adoption and growth of XRP, making it an even more attractive investment option.
Experts believe that optimism towards XRP is driven by the upcoming change in U.S. Securities and Exchange Commission leadership scheduled for January 20, 2025. It is expected that the incoming administration may take a favorable view of cryptocurrencies, potentially leading to growth within the sector.
Optimism is growing among experts that more altcoins may see institutional ETF launches in the U.S. following the arrival of a new administration. This confidence stems from the upcoming change in leadership at the U.S. Securities and Exchange Commission (SEC), as its Chair, Gary Gensler, has announced his resignation on January 20th.
Broadly speaking, numerous individuals within the cryptocurrency sector often perceive Gensler as a firm opponent of crypto regulations. They argue that under his tenure, the Securities and Exchange Commission (SEC) has attempted to suppress the industry, calling for greater transparency and definition in its policies.
Gensler’s departure might signal a favorable environment for institutional crypto adoption.
What is fueling XRP’s surge?
Currently, XRP is on an upward trend, maintaining its bullish momentum in this particular market cycle. At present, one unit of XRP is being traded for approximately $2.35, representing a 23.5% rise over the past 24 hours.
The trading volume has also spiked by 218.22% to $35.74 billion, a signal of increased investors’ interest in the asset.
Previously, the value of XRP reached $2.50 in trading, an increase that various analysts believe can be traced back to multiple aspects such as large investor (whale) actions and higher wallet activity. This recent event marks the first time in six years that XRP has approached this price point.
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2024-12-02 18:26