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Bitwise confirmed that its application of XRP ETF is legitimate thereby driving excitement in the market/ However, the XRP price moved down amid the broader market correction following Israel-Iran war-like situation.
Key Notes
Bitwise application doesn't guarantee a filing with the US SEC, as ongoing regulatory challenges, including an SEC appeal in the Ripple case, may delay progress.The XRP price has faced a 4% decline amid market corrections, with analysts split on whether a breakout or pullback is ahead.Ripple's launch of its RLUSD stablecoin could act as a catalyst for XRP's future price growth.On Tuesday, Bitwise Asset Management submitted its new application for the XRP exchange-traded fund (ETF) on the State of Division of Corporations website. As per the application, the registered agent is CSC Delaware Trust Company.
Bitwise also confirmed that the application is legitimate. After its successful attempt to get its Bitcoin BTC $61 729 24h volatility: -3.5% Market cap: $1.22 T Vol. 24h: $52.58 B ETF and Ethereum ETH $2 481 24h volatility: -6.1% Market cap: $298.60 B Vol. 24h: $26.07 B ETF in the market, Bitwise is eyeing the next major move with XRP XRP $0.60 24h volatility: -4.0% Market cap: $34.06 B Vol. 24h: $3.24 B . Interestingly, this comes amid the ongoing lawsuits between the US SEC and Ripple, with the regulator likely to appeal the court decision before October 7.
This official confirmation from Bitwise makes things clear as a fake application of BlakRock XRP ETF appeared last November 2023 on one such government website. However, this application doesn’t guarantee that Bitwise will soon file for an XRP ETF with the U.S. Securities and Exchange Commission (SEC).
The application follows Ripple CEO Brad Garlinghouse’s remark that an XRP ETF is “inevitable,” particularly after the approval of Bitcoin and Ether ETFs in the U.S. If approved, an XRP ETF would provide institutional investors with a regulated option for crypto investments, potentially boosting XRP’s circulation.
However, for an XRP ETF to arrive, its regulatory status needs to be clear. If the SEC appeals the court decision and proceeds with its case to prove XRP is a security, things can drag even further from here.
XRP Price Action Ahead
Following this development, the XRP price hasn’t shown much upside, instead, it’s down by 4% amid the broader market correction slipping to its crucial support level of $0.60. On the upside, XRP is facing major rejection at the resistance of $0.65.
XRP is approaching a critical resistance level, fueling speculation about whether a major breakout is imminent or a pullback is likely. Some analysts are optimistic, including EGRAG, which forecasts a potential 888% surge, which could push XRP to $31. This prediction is based on price patterns reminiscent of XRP’s 2017 rally, when it soared from $0.003 to $3.31, as reported by Coinspeaker.
Another major catalyst behind the XRP price surge ahead could be Ripple’s launch of its native stablecoin RLUSD. As per the latest report, Ripple has 1.7 million RLUSD stablecoins in the past few weeks after entering private beta testing phase on the XRP Ledger (XRPL) and Ethereum mainnet,
The stablecoin seeks to support and improve the growth of Ripple’s native XRP Ledger. Ripple’s Chief Technology Officer, David Schwartz, recently announced that RLUSD will initially be limited to institutional investors. In a comment on an X post, Schwartz explained that retail investors won’t have direct access to the stablecoin at launch. Instead, they will need to obtain it through exchanges or other intermediaries.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
