XRP may rise 50% as SEC may not appeal Gensler's departure
After WisdomTree Physical XRP ETP, Ripple launches another ETP in Europe.
SEC Chairman's January 20 resignation signals the agency may not appeal Judge Torres's verdict.
XRP open interest hits a record high as the remittance-based coin targets $1.96, up 45%.
After news of SEC Chair Gary Gensler's departure and the launch of WisdomTree Physical XRP ETP in Europe, Ripple's XRP rose 10% to $1.18 on Thursday. The remittance-based coin is anticipating a 45% gain as its open interest reached a record high.
XRP ETP, SEC Chair departure, rising open interest On Thursday, asset management WisdomTree launched a physical XRP ETP in Europe. The WisdomTree Physical XRP ETP (XRPW) exposes investors to XRP spot pricing.
The asset management said the product is Europe's lowest-cost XRP ETP and 100% physically backed by the underlying commodity in cold storage.
The release also noted that Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam list XRPW.
We're thrilled to introduce the WisdomTree Physical XRP ETP on Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam.
Gensler's administration was key in the four-year SEC vs. Ripple lawsuit, which ended when Judge Analisa Torres declared that exchange-sold XRP to individual investors aren't securities.
The Judge penalized Ripple $125 million for institutional XRP sales, significantly less than the $2 billion SEC demanded.
The SEC had planned to appeal, but Gensler's departure and Trump's pro-crypto stance make that improbable.
Thursday saw XRP's futures open interest pass $2.1 billion for the first time.
Derivatives market open interest (OI) is the number of contracts outstanding. Rising OI suggests XRP futures traders are positive.
XRP may rise 45% to $1.96.
The $13.8 million in liquidations—$8.63 million for long holdings and $5.17 million for short ones—boosted XRP by 10%.
