Bitwise, a prominent crypto-native asset management firm, has taken a significant step towards creating an exchange-traded fund (ETF) based on XRP, the digital asset closely associated with Ripple. The company registered a trust entity in Delaware on Tuesday, a move that typically precedes the formal filing for an ETF. This action mirrors the strategies employed by major players like BlackRock and Fidelity in their successful pursuits of Bitcoin and Ethereum ETFs, suggesting Bitwise’s serious intentions in the XRP space.
The confirmation of this filing by a Bitwise spokesperson adds credibility to the development, distinguishing it from previous false alarms in the crypto market. This move is particularly noteworthy given the history of XRP-related speculation. In the past, fake filings for XRP ETFs have appeared, including a notable incident in November involving a falsely attributed BlackRock XRP ETF filing. These incidents have often led to short-lived price manipulations, highlighting the market’s sensitivity to ETF-related news.
Interestingly, despite this potentially significant development, XRP’s price has shown minimal reaction. This stability contrasts sharply with the broader cryptocurrency market, which has experienced substantial declines over the past 24 hours. The muted response from XRP could indicate a more mature market approach to ETF-related news, or it might suggest that investors are waiting for more concrete developments before adjusting their positions. As the crypto industry continues to evolve and seek mainstream financial integration, the possibility of an XRP ETF represents another step towards bridging traditional and digital finance.
