As a seasoned researcher with a decade of experience in the ever-evolving world of cryptocurrencies, I find myself both intrigued and amused by the latest developments surrounding XRP. The recent filing for an XRP ETF by Bitwise, coupled with the confident statements from Ripple CEO Brad Garlinghouse, paints a picture of an inevitable approval in the US.
Despite the excitement surrounding the recent crypto ETF news, XRP – currently ranked as the seventh-largest cryptocurrency by market capitalization – hasn’t yet seen a price surge. Over the last day, its value has actually dropped by over 4%, going against the general positive market trend.
According to U.Today’s report, Bitwise, a well-known manager of cryptocurrency index funds, has recently applied to establish an Exchange Traded Fund (ETF) focused on XRP in the state of Delaware.
Following some industry members voicing doubts about its legitimacy, Bitwise clarified that the submission was indeed genuine, not a fabricated counterfeit.
Brad Garlinghouse, CEO of Ripple, is certain that a U.S.-based Exchange Traded Fund (ETF) for XRP will eventually be authorized.
Despite the slim chances of an XRP ETF being launched currently, Nate Geraci, President of The ETF Store, considers the filing significant or worth noting.
In a recent social media update, the analyst emphasized that Bitwise is a trustworthy cryptocurrency investment fund, known for its strategic approach rather than reckless experimentation.
In June, Chicago-based derivatives titan CME Group announced the rollout of real-time indices and reference rates for the Ripple-affiliated cryptocurrency.
In August, the regulated cryptocurrency derivatives exchange Bitnomial launched cash-settled XRP futures contracts. This move might pave the way for a future XRP Exchange-Traded Fund (ETF).
Geraci believes that an XRP ETF is probably coming at some point in the future, and Bitwise wants to play the long game.
As a crypto investor, I’ve noticed that the lack of imminent approval for an XRP ETF seems to have dampened the market’s enthusiasm. This delay might be the reason behind the subdued reaction we’re seeing.
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2024-10-02 11:05