As Ripple moves closer to resolving its ongoing legal dispute with the US Securities and Exchange Commission (SEC), crypto asset manager Bitwise Invest has taken an important step by filing its first application for a spot XRP ETF in Delaware.
Bitwise XRP ETF App
This deposit, I mentioned Written by Fox journalist Eleanor Terret, formally introduced on September 30, and sources Inside Bitwise have confirmed the validity of this development. The approval of this ETF could have major implications for the broader cryptocurrency market.
The filing comes at a pivotal moment for Ripple, as the company waits Securities and Exchange Commission decision On whether to appeal a recent court ruling that could pave the way for more regulatory clarity around XRP.
If the SEC chooses not to appeal, it could strengthen the case for XRP as a viable investment option, making the timing of Bitwise’s application particularly strategic.
However, the path to approval is not easy. Like previous applications for Bitcoin and Ethereum ETFs — which were approved in January and July of this year, respectively — Bitwise’s filing will need to undergo rigorous scrutiny and meet various regulatory requirements set by the SEC. The agency’s review process could be lengthy, and approval may not come until next year.
Ripple effect
The introduction of the XRP ETF could also signal a shift in the regulatory landscape, which could open the door for other financial institutions, such as BlackRock, to pursue similar applications.
Furthermore, this development may create a ripple effect for other cryptocurrencies seeking to enter the ETF space. Speculation There is already growing buzz around the possibility of a Solana ETF, which could be the next asset to attract investor interest.
It remains to be seen what other information the asset manager can reveal in the coming days, but the first filling of the first US XRP ETF is official.
At the time of writing, the price of XRP has shown no change from the broader market, recording losses of 3% in the 24-hour time frame, resulting in a current trading price of $0.6028.
However, a potential XRP ETF market could have a noticeable impact on the price as more institutions could flock to invest in the token.
Featured image of DALL-E, chart from TradingView.com
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