As the cryptocurrency landscape evolves, asset managers are broadening their horizons beyond Bitcoin, with XRP capturing significant attention as the prospective frontrunner in the Exchange-Traded Fund (ETF) space. In a noteworthy development, the global ETF provider WisdomTree has announced its intention to launch an XRP ETF in the United States. This marks the third official filing aimed at creating a spot XRP ETF in the country. Following this announcement, XRP’s price experienced a remarkable surge, climbing over 10%.
Eleanor Terrett Validates WisdomTree’s Filing
The filing by WisdomTree signifies an initial step in the ETF launch protocol, preceding the submission of a formal application to the U.S. Securities and Exchange Commission (SEC). This update was relayed by Fox journalist Eleanor Terrett, who verified the authenticity of the filing with WisdomTree. Notably, WisdomTree oversees assets exceeding $100 billion and has recently introduced its physical Ripple ETP in Europe. The recent filing in Delaware underscores the firm’s increasing interest in Ripple’s native token.
Furthermore, two additional companies have entered the race for an XRP ETF. In October, Bitwise and Canary Capital submitted filings for spot XRP ETFs with the U.S. SEC, indicating a growing momentum in the market and a competitive landscape emerging around XRP-based financial products.
XRP Experiences a 10% Price Surge
The announcement has catalyzed a significant price increase for XRP, which saw its value rise by over 10% in intraday trading. Market analysts are now closely monitoring XRP’s performance, predicting that if the cryptocurrency surpasses the $1.50 threshold, its price could potentially escalate to over $2 in the short term.
Renowned analyst Armando Pantoja has provided a bullish forecast, suggesting that XRP might ascend to a price range of $8 to $30. This optimistic projection is fueled by the anticipation of a favorable resolution to Ripple’s ongoing legal dispute with the U.S. SEC, potentially by early 2025. This timeline aligns with speculations about a change in the U.S. political landscape, including the possible return of Trump and the departure of SEC Chair Gary Gensler.
With Gensler’s impending resignation, there is a growing expectation regarding the future trajectory of XRP ETFs, particularly in light of the Ripple vs. SEC case. Industry experts posit that Gensler’s exit could lead to a more lenient regulatory environment, thereby easing the path for the approval and adoption of XRP ETFs under new leadership at the SEC.
As the cryptocurrency market continues to evolve, the developments around XRP and its potential ETF offerings stand to significantly impact both investors and the broader financial ecosystem. The unfolding events promise to shape the future of digital asset investments, offering exciting possibilities for market participants.
