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As global demand for crypto exchanges and traded funds soars, altcoin-based ETFs are becoming a major part of the conversation.
Ripple CEO Brad Garlinghouse expressed optimism, noting that the approval of multiple Bitcoin and Ethereum ETFs is poised to open the door to even more altcoin-based ETFs. did.
Following an announcement from a major cryptocurrency exchange, Garlinghouse shared its thoughts on X (formerly Twitter) and revealed that it has begun preparations for the application process for Bitwise XRP ETP.
According to a press release issued on October 2nd, Bitwise Asset Management disclosed that it has filed an initial registration statement on Form S-1 for the new Bitwise XRP Exchange Traded Product (ETP). .
“At Bitwise, we believe blockchain will usher in new, apolitical monetary assets and permissionless applications for the 21st century. That’s why we’re excited to continue that effort with the filing of the Bitwise XRP ETP,” said Bitwise CEO Hunter Horsley.
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Institutional implementation could trigger a long-term bullish rally in XRP
This new development comes shortly after US-based company Bitwise launched Spot Bitcoin and Ethereum ETPs. In August, Bitwise acquired ETC Group, a major company that guarantees European virtual currency ETP.
An optimistic Garlinghouse seems excited about the future of XRP. Reacting to Bitwise’s announcement, the head of Ripple highlighted his observations about the increasing adoption of XRP into the traditional financial ecosystem.
“First BTC, then ETH… it was only a matter of time. This move highlights the growing credibility and integration of digital assets like XRP into traditional finance, and the continued adoption of the cryptocurrency market.” “I feel like this is just the beginning,” he wrote in a post shared by X.
First BTC, then ETH… It was just a matter of time.
This move highlights the growing credibility and integration of digital assets like XRP into traditional finance, and signals the continued adoption and maturation of the cryptocurrency market. We feel this is just the beginning. https://t.co/s1pHpIEqth
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
For XRP investors, XRP-based ETFs can offer significant gains in altcoin price value. Notably, Bitcoin recorded a significant price surge during the first quarter of 2024 following the approval of multiple Bitcoin ETFs.
Rising institutional demand has driven up the prices of Bitcoin and ETH, and other alternative coins are poised to follow suit.
Meanwhile, at the time of this report, XRP is trading at $0.54, up 1.87% from the previous day. It recorded a decline of 12.56% in the past 7 days. However, the buying pressure has increased on the hourly technical chart, indicating a bearish pullback.
