The world of digital currencies is ever-evolving, and asset managers are constantly on the lookout for the next big player to include in their portfolios. While Bitcoin has long dominated the cryptocurrency landscape, attention is now shifting towards XRP as a burgeoning contender in the ETF space. This shift in focus is underscored by recent developments, as Global ETF provider WisdomTree has filed to introduce an XRP ETF in the United States. Notably, this marks the third attempt to establish a spot XRP ETF in the country, a move that has already made waves in the market.
Eleanor Terrett Confirms The Legitimacy
The filing represents a crucial first step in the process of launching an ETF, acting as a precursor to a formal application with the Securities and Exchange Commission (SEC). The update on this development was shared by Fox journalist Eleanor Terrett, who has confirmed the validity of the filing with WisdomTree. This organization, known for managing over $100 billion in assets, has also recently launched its physical Ripple ETP in Europe. The latest filing in Delaware underscores the firm’s increasing interest in Ripple’s native token, XRP.
Other Firms Join the XRP ETF Race
In addition to WisdomTree, two other prominent firms have entered the fray, seeking to capitalize on the growing interest in XRP. In October, both Bitwise and Canary Capital submitted their applications for spot XRP ETFs with the U.S. SEC. These filings signal a broader move within the financial world, as more entities recognize the potential that XRP holds within the ETF market.
XRP Surges 10%
The announcement of these filings has had a significant impact on XRP’s market performance. The cryptocurrency experienced a notable surge, with its value climbing over 10% during intraday trading. This rally has caught the attention of many market analysts, who speculate that if XRP manages to break through the $1.50 mark, its price could escalate even further, potentially reaching over $2 in the near term.
Bullish Predictions on XRP’s Future
Renowned market analyst Armando Pantoja has expressed a particularly optimistic outlook, suggesting that XRP could see its value soar to between $8 and $30. This bullish prediction is rooted in anticipation that Ripple’s protracted legal battle with the U.S. SEC might conclude favorably, potentially as early as 2025. Such an outcome could coincide with significant political changes, including the possible return of Trump and the exit of SEC Chair Gary Gensler.
Regulatory Changes on the Horizon
With the impending resignation of SEC Chair Gary Gensler, there is growing speculation about how this might influence the future of XRP ETFs. Industry experts believe that Gensler’s departure could lead to a shift in regulatory attitudes, potentially easing the path for the approval of XRP ETFs under new leadership. As the landscape continues to evolve, the potential for XRP to play a pivotal role in the ETF market remains an exciting prospect for investors and analysts alike.
