Ripple has said it'll invest in a newly-rebranded Bitwise Physical XRP ETP. CoinGecko’s data shows that the XRP has risen 7.2% in the last 24 hours to $1.43. Today's surge puts it 26.8% higher than it was this time last week.
The Bitwise Physical XRP ETP, which was previously called the European XRP ETP, is part of the firm's broader suite of crypto asset funds. It also provides spot Ethereum The following are some examples of how to get started: Bitcoin The U.S. ETF market.
Brad Garlinghouse, the CEO of Ripple, said that the investment in Bitwise, a fund which is traded under the GXRP symbol, was in keeping with the interest in exchange-traded crypto products.
"With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP," In a release to the press, he stated that. "As one of the most valuable, liquid, and utility-driven digital assets, XRP is at the forefront of this momentum, standing out as a cornerstone for those seeking access to assets that are resilient and have real-world utility."
Ripple is very careful to point out that XRP does not come from them. Ripple uses XRP for its native currency to facilitate international transfers of money and exchanges. The legality and security status of XRP is still the subject of what's now a four-year-old Securities and Exchange Commission lawsuit.
XRP prices spiked up to $1.49 late last week after SEC Chairman Gary Gensler revealed that he will step down on Jan. 20, which is also the date that Donald Trump, the president-elect for the second time in office, would take his oath of office. Investors are confident that the SEC will be able to resolve this lawsuit more quickly without Gensler.
Aside from legal news, there's also been growing interest from other firms in bringing a spot XRP exchange-traded fund to the U.S.
WisdomTree registered an ETF for XRP with SEC just a few days ago.
To get a new product approved, the paperwork must be filed in Delaware. WisdomTree must file with the top Wall Street regulator, the Securities and Exchange Commission.
Stacy Elliott edited this article.