Bitwise has applied for an ETF for XRP Coin, which can be verified on the Delaware website. Currently, XRP is trading above $0.61. On October 7, the SEC filed a complaint against Ripple, with XRP priced at $0.62915. With the appeal period concluded, the potential for further SEC action remains unclear.
The price of XRP dipped below $0.61 following the ETF announcement. Although Bitwise's application appears valid, past claims about BlackRock's application were dismissed as false. If Bitwise's ETF application proceeds without further issues, it could lead to increased volatility in XRP's price.
Despite the positive potential of the ETF application, the SEC is unlikely to approve it in the near future, especially under Chair Gary Gensler, who is expected to remain until at least March 2025. Investors should monitor XRP's performance and regulatory developments closely in the coming weeks, as an approved ETF could significantly impact its market value.
