XRP Price Surges As Bitwise Begins Journey Toward ETF Approval

Crypto asset management company Bitwise has made its first move towards an XRP ETF. On Tuesday, Bitwise applied to the Delaware Registry to form a trust entity, the first step toward listing and trading its ETF shares.

of Filing show on September 30thwhose registered agent is CSC Delaware Trust Company. This does not mean that a filing with the Securities and Exchange Commission is imminent, but such a filing represents an early step that may lead to such a filing. This process can take several months to actually file with the SEC.

The filing comes after Ripple CEO Brad Garlinghouse hinted that the introduction of an XRP ETF is perhaps “inevitable” since Bitcoin and Ether ETFs already exist in the US. It was done later. Approval will provide institutional investors with a regulated route into cryptocurrencies, increase liquidity and enable broader adoption of XRP ETFs. token.

Previous XRP ETF speculation

Meanwhile, rumors about an XRP ETF have been floating around for a while. In November 2023, the price of cryptocurrencies rose by up to 12% following the publication of a delusional application for Delaware’s BlackRock iShares XRP Trust. This has sparked speculation that such an ETF is a possibility. BlackRock immediately denied any involvement, and authorities are now investigating the false claims.

Grayscale too recently announced The company plans to launch investment products centered on XRP. Initially offered as a closed-end trust for accredited investors, analysts believe the company is taking the first steps that could lead to an XRP ETF. Grayscale has already played a key role in bringing crypto ETFs to Wall Street, successfully converting its Bitcoin trust into a spot ETF after a legal battle with the SEC.

Currently, XRP price has rebounded from below $0.59 and is rising above $0.62. The recent Bitwise ETF filing has added to the excitement, with some market participants predicting the cryptocurrency will soon reach $1. In addition to this, there are ongoing legal developments between Ripple and the SEC, so the market will be watching to see what the SEC does next regarding ETF approval.