XRP jumps as Ripple pledges to invest in rebranded Bitwise Fund

Ripple said it would invest in the newly branded Bitwise Physical XRP ETP. This news sends the price of XRP soaring 7.2% to $1.43 at the time of writing, according to CoinGecko data. Today’s surge puts it 26.8% higher than this time last week.

Bitwise Physical XRP ETP, previously called European XRP ETP, is part of the company’s broader family of cryptocurrency asset funds. The company also provides a position. Ethereum and Bitcoin ETFs in the US.

Ripple CEO Brad Garlinghouse said the decision to invest in the Bitwise fund, which trades under the ticker GXRP, coincides with a surge in interest in exchange-traded products related to cryptocurrency assets.

“As the U.S. regulatory environment for cryptocurrencies finally becomes clearer, this trend is poised to accelerate and will further increase demand for cryptocurrency ETPs like Bitwise Physical. XRP “As one of the most valuable, liquid, utility-focused digital assets, XRP is at the forefront of this momentum and stands out as a cornerstone for those seeking access to resilient assets,” he said in a press release. And it has real utility.”

Ripple has been extremely careful over the years to emphasize that it is not an issuer of XRP. Ripple Network uses XRP as its primary cryptocurrency for international remittances and currency exchanges. The legality and security status of XRP have been the subject of a lawsuit filed by the Securities and Exchange Commission now in its fourth year.

Late last week, the price of . Investors seem confident that the SEC without Gensler will reach a quicker conclusion to the lawsuit.

In addition to the legal news, there is also growing interest from other companies in bringing spot XRP exchange-traded funds to the United States.

Earlier this week, WisdomTree applied to register an XRP ETF with the SEC.

Filing documents with the State of Delaware is the first step in getting your product approved. WisdomTree must file paperwork with the Securities and Exchange Commission (SEC), Wall Street’s top regulator, to officially move forward with the process.

Edited by Stacey Elliott.