Ripple
Bitwise’s Spot XRP ETF Registration Statement Unveiled, Price Falls 7%
Crypto asset manager Bitwise has made a significant move by submitting an initial registration statement to the US Securities and Exchange Commission (SEC) on Wednesday for its spot XRP ETF. This action confirms the authenticity of its filing on September 30, following widespread speculation regarding the development.
XRP ETF Applications Gain Momentum
Despite this initial step, the road to approval is fraught with challenges. No XRP ETF is guaranteed to meet the SEC’s regulatory standards.
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Recent reports indicate that applications for ETFs linked to Solana, the fifth-largest cryptocurrency, were recently rescinded due to the SEC’s concerns about Solana’s legal standing. Nonetheless, Hunter Horsley, CEO of Bitwise, expressed confidence in XRP’s potential as an investment opportunity.
“XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors,” Horsley stated in an interview with Fox Business. He emphasized that Bitwise aims to help investors access opportunities in the cryptocurrency market, and the filing for a Bitwise XRP ETF aligns with that mission.
In addition to Bitwise’s efforts, Fox Business has learned that another XRP ETF filing has emerged from Canary Capital, a newly formed crypto-focused investment firm founded by Steven McClurg, co-founder and former chief investment officer of Valkyrie Funds. Canary’s XRP ETF was filed on September 24.
Implications Of SEC’s Ripple Lawsuit
The regulatory status of XRP has been a contentious issue over the past years, particularly following the SEC’s lawsuit against Ripple in 2020, claiming that XRP sales constituted what the agency calls “unregistered securities offerings.”
A recent ruling provided Ripple a partial victory, determining that only certain sales—specifically to institutional investors—were classified as securities. This ruling has significant implications for XRP’s future, particularly as the SEC approaches its October 7 deadline to appeal.
As reported by Bitcoinist earlier this week, Pro-XRP attorney Fred Rispoli has indicated that the likelihood of an SEC appeal is higher than the chance of the agency allowing the case to conclude without further action.
Rispoli highlighted the stakes involved, noting that if the SEC chooses not to appeal, it could set a precedent that distinguishes Ripple’s case from future cryptocurrency sales. This could have wider implications, not only for Bitwise’s XRP ETF application but also for other institutions making similar moves to offer the same investment vehicles for the token.
This could be similar to the newly launched Bitcoin and Ethereum Spot ETF markets, which were approved and launched in January and July this year, respectively, with the world’s largest asset managers offering these index funds to their clients, further supporting the adoption and investment in these cryptocurrencies.
XRP Price
Despite this notable development for the XRP market, its price has failed to follow the excitement generated among investors, as the token has followed the broader market’s decline with a 7% drop in the 24-hour time frame, resulting in a current trading price of $0.578.
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Despite this, the cryptocurrency is still managing to hold on to some of its gains from last month, up 5% over the period. However, XRP has only managed to gain 10% every year, highlighting the lack of catalysts and bullish momentum for further recovery.
This is particularly evident in the gap between the current trading price and the all-time high of $3,040 reached in January 2018, leaving a difference of 82% from the record peak.
However, a full victory for Ripple and other institutions to follow Bitwise’s initiative for an XRP ETF could have a noticeable impact on the price and perhaps renew investor confidence in the token, strengthening the bullish outlook for the rest of the year.
Featured image from DALL-E, chart from TradingView.com
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Altcoins
Ripple President Says 2025 Will Be a Big Year for Crypto, Predicts More Spot ETFs Will Be Launched – Here’s Why
Ripple president Monica Long thinks additional crypto exchange-traded fund (ETF) approvals will usher in another big year for digital assets in 2025.
Long predicts in a new interview with Bloomberg Crypto that “various crypto spot ETFs” will receive a seal of approval in the US this year.
The Ripple president also says payments-focused altcoin XRP is “likely to be the next in line” in terms of ETF approvals.
Multiple ETF providers filed Form S-1 registration statements for XRP ETFs with the Securities and Exchange Commission (SEC) last year, including Bitwise Asset Management, 21Shares, Canary Capital and WisdomTree.
The SEC greenlit the first spot market Bitcoin (BTC) ETFs last January, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading in July.
Long predicts the approvals on those newer XRP filings will accelerate due to President-elect Donald Trump’s election victory and the upcoming change of leadership at the SEC.
XRP is trading at $2.36 at time of writing, a marginal increase in the last 24 hours.
The Ripple president also forecasts big things for the stablecoin market.
“The stablecoin market today is you know more than $150 billion for US dollar stablecoins, and it’s projected to grow to $3+ trillion over the next few years, so this is a market that is exploding.”
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Ripple CEO Brad Garlinghouse has highlighted the positive impact that Donald Trump’s victory has had on Ripple’s business. Garlinghouse also referenced the “Trump bull market,” which undoubtedly provides a bullish outlook for coins like XRP.
Brad Garlinghouse Highlights Trump’s Impact On Ripple
In an X post, Brad Garlinghouse discussed the impact of Donald Trump’s election victory on Ripple’s operations. He revealed that 75% of the company’s open roles are now US-based.
This represents a change, as Garlinghouse noted that over the last four years, most of the company’s hires were outside the US. Furthermore, the Ripple CEO revealed they had signed more US deals in the last six weeks of 2024 (since Trump’s victory) than in the previous six months.
Trump’s victory has undoubtedly provided a bullish outlook for the crypto industry because of his pro-crypto stance. Brad Garlinghouse remarked that Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins, and others at the helm.
He added that the “Trump effect” is already making crypto great again through his campaign and in the Administration’s day 1 priority. Ripple looks to have really benefitted greatly from this Trump effect.
The crypto firm finally launched its RLUSD stablecoin after the US president-elect defeated Kamala Harris in November last year. The RLUSD stablecoin has already enjoyed significant success, as it recently flipped PYUSD and EURC in 24-hour trading volume.
The “Trump Bull Market” Is Real
In his X post, Brad Garlinghouse also stated that the “Trump bull market” is real. He remarked that for Ripple, this bull market is even more personal after Gary Gensler’s SEC effectively froze their business opportunities in the US for years.
He added that optimism about the bull market is obvious and very deserved. This Trump bull market undoubtedly provides a bullish outlook for the XRP price especially.
With pro-crypto Paul Atkins set to lead the US Securities and Exchange Commission (SEC) under Trump’s Administration, the Commission could drop its long-running lawsuit against Ripple and Brad Garlinghouse.
This is bullish for XRP because of the crypto’s ties with Ripple. The coin is believed to have remained stagnant in the 2021 bull run because of the lawsuit.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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RLUSD, the stablecoin floated by American blockchain payments firm Ripple Labs is growing at a fast pace, currently flipping its core rivals in 24 hour trading volume. Despite the stablecoin’s young age, it has printed a sustained growth track to beat Paypal’s PYUSD and Circle’s EURC tokens. This milestone comes despite Ripple USD showcasing a much smaller market capitalization than the duo.
RLUSD Stablecoin and the Performance Metrics
Per data from CoinMarketCap, the Ripple stablecoin boasts a self-reported market cap of $53.1 million. Atop this, the stablecoin saw its trading volume jump by 1,566% in 24 hours to $607.58 million.
This unexpected boost contrasts sharply with Paypal’s PYUSD with a $491.72 million capitalization and a 24 hour volume of $19.74 million. Also, Circle’s EURC, a MiCA-compliant token with market cap of $82.38 million and $10.55 million volume.
While it remains unclear the reasons for the RLUSD stablecoin growth, uptickthe current outlook positions it as the 3rd most traded token after Tether (USDT) and Circle’s USDC.
A related growth is seen across the board for Ripple coin per data insights from XPMarkets. At the moment, the token has a total user of 7,600, up from the 1000 it recorded 24 hours after Ripple launched the stablecoin in December, 2024.
With the RLUSD stablecoin’s growth trend, it is now the 13th largest asset on the XRP Ledger by market capitalization.
The token’s growth also hinges on its expansion on top trading platforms globally. As reported earlier by Coingape, it launched on Bullish on Christmas Eve after it made its global debut on Uphold and Bitso. These listings helped boost its liquidity and accessibility by users.
Ripple, XRP Ledger and RWA Agenda
Beyond its direct role in facilitating payments, Ripple Labs has a bigger plan for the RLUSD stablecoin. The firm is making ambitious move in the Real World Tokenization (RWA) world through its partnership with Archax.
Ultimately, the firm hopes to integrate the stablecoin as a primary liquidity layer in driving this use case. The firm recently launched its first tokenized money market fund on XRP Ledger lately, establishing its foothold in this industry.
Ripple executives have reiterated how the stablecoin, XRP Ledger and XRP will form a complementary bond across its product suite. The liquidity boost of the stablecoin might account for the latest rally in the price of XRP as reported earlier by Coingape.
As of writing, the coin was changing hands for $2.432, up by 2.6% in the past 24 hours. In an earlier XRP price analysis, the coin is projected to hit Should the broad Ripple plans work out, analysts are projecting a potential push to $3.5.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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