📈 Bitwise Files for XRP ETF—But why tho? 🚀 📈
In a major development for XRP and its investors, Bitwise Asset Management has confirmed the legitimacy of its application for an XRP Exchange-Traded Fund (ETF), driving excitement across the crypto community. However, the XRP price hasn’t followed suit just yet. Amid broader market corrections, fueled by global uncertainty (including rising tensions between Israel and Iran), XRP has slipped by about 4%, currently hovering around the $0.60 support level.
Bitwise Makes It Official—but the Path Is Far from Certain
Bitwise’s ETF application, confirmed by its submission to the State of Division of Corporations in Delaware, represents a significant step toward making XRP more accessible to institutional investors. For many, this could be the next logical move after successful Bitcoin and Ethereum ETFs launched in the U.S. But before anyone pops the champagne, it’s important to note that this application doesn’t guarantee approval from the U.S. Securities and Exchange Commission (SEC).
Given the ongoing regulatory hurdles—including the SEC’s relentless focus on Ripple—progress could be delayed, especially as the SEC appeals its recent court loss to Ripple. Analysts are split on how this battle will play out, and the uncertainty is clearly reflected in XRP’s price action.
Ripple CEO Brad Garlinghouse has been vocal about his belief that an XRP ETF is “inevitable.” The idea is that once the regulatory status of XRP becomes clear, an ETF could open the floodgates for institutional investors who want a more secure way to invest in XRP.
XRP Price Moves Amid Broader Market Pressures
In the short term, XRP’s price hasn’t responded well to the news of Bitwise’s application. After a 4% drop, XRP is holding on to the $0.60 mark, but it’s also facing significant resistance at $0.65. Analysts are divided—some predict a major breakout ahead, while others believe XRP may face further pullbacks before regaining momentum.
Popular analyst EGRAG believes the market could be gearing up for an explosive 888% rally, which could push XRP to $31. This prediction is based on price patterns reminiscent of XRP’s legendary 2017 rally. Whether this forecast holds true remains to be seen, but XRP enthusiasts are closely watching price patterns for any signs of a repeat performance.
Ripple’s Stablecoin RLUSD: Another Catalyst?
Ripple isn’t just relying on the ETF to push XRP forward. Recently, Ripple launched its RLUSD stablecoin, which could serve as a powerful catalyst for future price growth. So far, Ripple has issued 1.7 million RLUSD tokens, and the stablecoin is currently in private beta on the XRP Ledger (XRPL) and Ethereum mainnet.
Ripple’s Chief Technology Officer, David Schwartz, clarified that RLUSD will initially be available only to institutional investors. However, retail investors can access it indirectly through exchanges or intermediaries. This stablecoin is expected to boost activity on the XRP Ledger, improving its scalability and utility, which could ultimately benefit XRP’s market value.
The Road Ahead: Will XRP Rally or Slide Further?
As of now, XRP’s price is at a critical juncture. On one hand, the excitement around Bitwise’s ETF application could trigger more positive sentiment in the market, especially if the SEC decides to play ball. On the other hand, global market uncertainties and regulatory challenges could keep XRP in limbo for the foreseeable future.
The market’s short-term bearishness could also give way to a more significant rally if Ripple’s RLUSD stablecoin gains traction. For now, XRP remains highly speculative, with analysts divided between those predicting a breakout and those who foresee further corrections.
One thing is certain—XRP has a lot riding on the outcome of both regulatory developments and the performance of Ripple’s new offerings. Investors are advised to stay cautious and keep a close eye on both the price charts and the evolving regulatory landscape.
Final Thoughts
XRP continues to be a crypto giant that’s both thrilling and nerve-wracking to watch. With Bitwise’s ETF application now official, Ripple’s RLUSD stablecoin making waves, and analysts throwing around predictions of a massive price rally, there’s no shortage of excitement for XRP holders. Will the future bring a long-awaited breakout, or will XRP’s price slide further before finding its footing?
We’ll be watching closely, and we’re sure the rest of the crypto world will be too.
FOMODigest is dedicated to delivering clear and objective reporting. The information provided in this article is intended to be accurate and timely but should not be considered as financial or investment advice. Given the ever-changing nature of the market, we recommend conducting your own research and consulting with a qualified professional before making any investment decisions based on this content.
